Brain candy for the commute home September 8th

In line with my last comments here are some links worth reading

FT has a nice analysis of the future of banking.

Charles Goodhart on banks as utilities.

And few others:

• Nobel prize-winning economist, Joseph Stiglitz

• Nobel prize-winning economist, Ed Prescott

• President of the Federal Reserve Bank of Dallas, Richard Fisher 

• Economics professor and creator of the “efficient market hypothesis”, Eugene Fama

• British economist, John Kay

• Economics professor (Dr. Doom), Nouriel Roubini

• Economics professor, James Galbraith

• Economics professor, Thomas F. Cooley

• Economist Dean Baker

• Economist Arnold Kling

 

NBR better off fierce superviser than tough policeman

This week NBR has published on its site a proposal for a new rule that would directly intervene in the credit market. It is not the first such rule and it will not be the last.

NYT, odds of recession in US at 50%

There is a saying that if we start talking about recession we are already in one. Could be the reason why politicians always avoid mentioning the word.

While you were sleeping September 8th

The Beige Book prepared for the September 20-21 FOMC meeting indicates that there is no double-dip recession and that the economy continues to expand, although at a “modest pace.”  Consumer spending is up somewhat but largely on motor vehicle sales. Manufacturing is growing but at a slower pace. Housing is still flat and depressed.Labor markets were generally steady, although some Districts reported modest employment growth. On the inflation front, the majority of Districts reported fewer price pressures, but input costs continued to rise in select industries. The recent federal debt ceiling legislative fiasco and resulting impact on financial markets did affect the outlook.

I do not see reasons in the Beige Book for QE3.

Elsewhere:

Australian employers slashed 10k jobs in August

Bank of Korea Holds rates

Something that might hit the local banking market in Romania: LIBOR inquiry gets serious

And something that brings memories of Lehman Brothers and Fortis right before you know….: BNP fights fears of funding