The next time you hear a politician talk about the number of jobs saved or created by the stimulus package or listen to a commentator on CNBC talking about the improving labor market hark back to this story. It’s from the WSJ and it’s the unfortunate reality that isn’t and maybe can’t be addressed. The […]

Many thanks to Dubai for providing fodder to the blogosphere over a slow weekend. Much has been written (too much?) about what seems to me at least to be a minor story. In most respects, the travails of Dubai simply represent the natural evolution of bad real estate investments. Inevitably, overly aggressive and highly leveraged […]

Yves Smith has taken up the battle to prevent the reappointment of Ben Bernanke as Fed chairman. While I agree in principal with her cause, I do think her rationale for denying him the post misses the mark. When CEOs preside over disasters, they are fired. Captains go down with their ships. And Bernanke needs […]