Recent Blog Posts
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The $4.5 Billion Dollar Bank Run
Nov 07 201111:20 am EDT -
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
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Civil Society: Falling Apart
Yesterday, the idiot was Marc Dreier; today, it's Rod Blagojevich. Both of them powerful men near the very top of their professions; both of them sworn to uphold the law; both of them resorting to the kind of desperate criminality which is almost certain to be caught and prosecuted.
Is this the beginning of a pattern? First it was subprime mortgages, then credit markets, then the financial system, then the economy. Now it's civil society in the crosshairs.
Normally, political developments have little effect on markets, and nor should they. But if I were bullish on equities generally, this news would give me pause: things are still falling apart, still getting worse.
Yes, we do seem to be in something of an up market right now. But all that means is that there's no indication the recent spate of bad news and high-profile downgrades has really been priced in: another big stock-market crash is eminently possible. The volatility isn't close to being over yet.
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500 Startups Hits New York