Just when you thought it was safe to get back on the buses, one of the undead emerges to cause a train wreck. File this one under ‘you couldn’t make it up’ . . . . . By John J Kelly As we know from our unhealthy obsession with The Godfather, when Roman generals failed their [...]
Tag Archives: Sir James Crosby
Unless we kill them now, Zombie banks will roam the earth, eating our future and boring us witless
February 22, 2009 – 3:26 pm
The financial system as a whole is rotten. Predicated on the now-doghoused dogma that markets know best and light-touch regulation is all that’s needed to produce the best of all possible worlds, the regulatory structure failed to prevent banks, insurers and investment funds from acting recklessly. During the good times, investors as well as [...]
Recession or depression? Don't ask Gordon Brown, he's in denial.
February 12, 2009 – 9:46 pm
A recession is defined as two successive quarters of negative GDP; a depression is defined as a slide in peak-to-trough of real GDP of 10% or a decline lasting more than three years. According to Mervyn King, Head of the Bank of England, the UK ‘recession’ is much deeper than anticipated. GDP might drop by [...]