February 27, 2009
Blackstone’s Steve Schwarzman from today’s earnings conference call for the beleaguered private equity shop: Our view is the economy will continue to deteriorate sharply this quarter and next quarter and be pretty weak second quarter and maybe sort of see...
This is among the more pessimistic but lucid things you will read in some time -- and it comes from a purportedly sophisticated investor -- so steel yourself. It is a NY Mag interview with a large, distressed debt investor:...
Bill: So-crates - "The only true wisdom consists in knowing that you know nothing". Ted: That's us, dude. -- Bill & Ted’s Excellent Adventure (1989)...
Here is John Kemp of Reuters on sources of the revisions to Q4 GDP: What happened with the Q4 GDP estimates, is that the FINAL SALES figure did not change much (revised down from -5.9% to -6.4%) but the government...
Yale’s Tobin guides Obama (Bloomberg) Financial crisis sparks unrest in Europe (Reuters) Chilean industrial production declines most in a decade (Bloomberg) Wells Fargo suspends bonus for CEO and executives (Bloomberg) Peter Mandelson rejects 'foolish' claims by Jim Rogers that...
Speaking of stress tests, the only working historical stress test I know was in Blade Runner -- and it ended badly for the tester. [Update] Feel free to add more stress test examples in comments. Some has already suggested Chernobyl....
This shouldn’t have been unexpected, but the just-released revision to U.S. Q4 GDP is hefty: GDP Shrunk 6.2% in 4th Quarter The U.S. recession deepened a lot more in late 2008 than first reported, as fourth-quarter GDP was revised down...
