Quote of the Day

Pick your century:

"The global economy now faces the potential for a late-20th-century-style spike in oil prices, a 21st-century global financial shock — and an old-fashioned 19th-century-style slowdown in global trade."

Simon Johnson, chief IMF economist

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Now if I can only find where the hell I saw that . . .

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UPDATE: December 3, 2007 2:43pm

Source identified!

Maybe the Globe Isn’t Immune To Slowing U.S.
Doubts Spread on View That Europe and Asia Will Pick Up the Slack
JUSTIN LAHART
WSJ November 28, 2007; Page C1
http://online.wsj.com/article/SB119620937343805910.html

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What's been said:

Discussions found on the web:
  1. John F. commented on Dec 3

    Not to mention the risk of attack from lunatics who want to bring back the 12th Century.

  2. michael schumacher commented on Dec 3

    If that is from the WSJ then we have yet another attempt at “finding the bottom” since as they’ve pointed out numerous times that the news is the worst at the bottom.

    Thanks For that (if in fact it is you Rupert)

    Ciao
    MS

  3. Doug Harman commented on Dec 3

    Barry – with the help of Google
    Wall Street Journal, HEARD ON THE STREET,
    Maybe the Globe
    Isn’t Immune
    To Slowing U.S.
    Doubts Spread on View
    That Europe and Asia
    Will Pick Up the Slack
    By JUSTIN LAHART
    November 28, 2007

  4. peter from oz commented on Dec 3

    why would the globe be immune to a “slowing” US?
    how independent do you guys think the old economies are?
    the “new” giant of china is an infrastructure not consumer economy
    interim bull markets don’t break sharply until all the real bad news is nearly out and unless santa is bringing capital adequacy,a cure for siv etc etc for christmas you’ve got a long way to go
    baruch said on people who got out “at the top” “only liars can do that”
    the same thing applies to “calling the bottom” except its “liars and historians”
    rgds pcm

  5. peter from oz commented on Dec 3

    hey winston
    Paulson Says Subprime Loan Plan to Ease Economy Risks (Update3) Bloomberg

    rgds pcm

  6. Bill commented on Dec 3

    No entry allowed yet – soon we will have free WSJ online

    Maybe the Globe Isn’t Immune To Slowing U.S. – WSJ.com
    The global economy, he says, now faces the potential for a late-20th-century-style spike in oil prices, a 21st-century global financial shock — and an …
    online.wsj.com/page/0,,2_0033,00.html – Similar pages

  7. Bluzer commented on Dec 3

    “The global economy now faces the potential for a late-20th-century-style spike in oil prices, a 21st-century global financial shock — and an old-fashioned 19th-century-style slowdown in global trade.”

    if we are lucky…..

  8. justin commented on Dec 3

    I get the impression that too many people on this board don’t know what “bad news” is. If your under 35 years of age you have not wittnessed bad economic news. Yes there was the 87 crash, a down-turn in 89, etc., but really until you feel, first hand interest rates in the teens and inflation there also, and people talking about “just hoping to some day afford a house, etc…” That is why these folks thinking that the news reports today are marking a bottom just have no idea. And keep in mind that our media is much more “sensationalist today,” so doom and gloom stories today in the news don’t equate to the same things as they did years ago. JMHO

  9. Winston Munn commented on Dec 3

    Peter,

    I believe Paulson was talking about a combination of prime, alt-A, and subprime loans, better known to insiders as subslime.

  10. David commented on Dec 3

    Barry,
    Graet blog, keep up the good work.
    Paulson and others are destroying world demand for the Dollar, they are setting-up the system to reboot. Tax-free bonds, what a joke, as housevalues drop so will 401(k)/IRA/Mutual Funds.

    “Nothing can come of nothing” Shakespeare

  11. Innocent Bystander commented on Dec 4

    Bluzer you are so right, although to get some experience, someone will take out some nicks from your hide. All scars are to worn proudly. I remember the nify fifty, when IFF had a multiple about thirty times higher than US Steel. Now why can’t that go on forever? This does not smell anything like a bottom yet.

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