April 02, 2009

Dueling Headlines, G-20 Category

"Global Slump Seen Deepening," Wall Street Journal, April 1, 2009

"Global Economic Slide May Be Subsiding as G-20 Leaders Gather," Bloomberg, April 1, 2009

Apr 2, 2009 4:42:00 AM | Economics, Media

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Line of the Year "Anything too big to fail is too big to exist." So writes Simon Johnson in "The Quiet Coup," an important, provocative piece in the May issue of The Atlantic. We think that's pretty much the line of the year, and it points to the importance of bringing financial institutions--and, in some ways, finance itself--back down to a more appropriate size. "The Obama administration's fiscal stimulus evokes FDR," Johnson writes, "but what we need to imitate here is Teddy Roosevelt's trust-busting." How did we get here? This is just the beginning: In its depth and suddenness, the U.S. economic and financial...
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Thursday Reading For your personal enlightenment: Per our Wednesday post, here's a discussion of bringing banks back down to size from Felix Salmon (at his new Reuters blog). Also related to yesterday's post: Eliot Spitzer on Washington's refusal to use its existing regulatory authority to bring the banks to heel. Looking for a tidy summary of economic conditions? Here's an impressive array of charts from Calculated Risk, delightfully pretty and depressingly ugly all at once. On the question of protecting bank bondholders, we have John Hussman in one corner, and Guest Contributor (writing at the WSJ's Real Time Economics) in the other....