Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:26 am EDT -
Sinking Animal Spirits
Apr 27 20098:45 am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:00 am EDT -
Be Your Own Counterfeiter
Apr 26 20099:36 am EDT -
Being Tim Geithner
Apr 25 200912:37 pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:41 am EDT -
What Good is the News?
Apr 25 20098:32 am EDT -
Stressful Enough
Apr 24 20092:29 pm EDT -
Not Regretting the Pound
Apr 24 20091:09 pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:47 am EDT
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A Bear Market for IPOs
Justin Fox reckons that the present financial crisis can't be all that bad if it's coinciding with the biggest IPO in US history - especially when that IPO (Visa) is a financial one. It's a good point, but it's also worth noting that Visa's owners are capital-constrained banks who really need the proceeds right now, and might not otherwise be trying to IPO into a bear market. IPO cancellations have already hit $21 billion this year, compared to total IPO proceeds year-to-date of just $12.2 billion. Those figures look pretty bearish to me.
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