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Perhaps. But Russia has no chance of recovering until demand for steel and raw commodities increases. "There will not be a recovery anywhere until demand recovers. The horrible statistics are showing no signs of stopping," says Kevin Dougherty, a portfolio manager at Pharos Fund, one of the leading hedge fund groups in Russia. "All it really comes down to are commodity prices and demand. The government looks at the market price for oil and predicts that it will bottom out now and go up for the rest of the year...
...background as her state's insurance commissioner, but at HHS she will oversee a massive organization with 10 operating divisions. Orszag must focus on the entire government budget. The head of the National Economic Council, Larry Summers, who has taken a particular interest in health care, has a portfolio that ranges from bank bailouts to global financial regulation. The other legislative, political and managerial staff at the White House spend their days stretched over dozens of subject areas. In this chaotic situation, DeParle will be charged with never letting health care get off track. (Read "Who Will Push Health-Care...
...company's attempt to improve the fortunes of its financial unit will not be without cost. As Morningstar says, "GE's decisions to wind down its non-U.S. portfolio and shift to higher-quality asset classes is welcome even though these decisions will likely pressure earnings going forward." GE makes the risks of its exposure to the real estate, tight credit markets, other financial firms clear in all of its public filings and readily admits that it may not be able to keep its "Triple-A" credit rating which would drive up its borrowing costs...
...Experts have pointed to a $30.6 billion deal between Merrill Lynch and the Lone Star group of private-equity funds as a model for the new government plan. Lone Star purchased that amount of Merrill Lynch's portfolio of asset-backed securities, and Merrill Lynch reduced Lone Star's risk by financing three-quarters of the purchase. Therefore, Lone Star had limited risk, which is similar to the way funds would have limited risk buying bad securities with government backing. But the most important part of the deal was not Lone Star's risk; it was the price. Lone Star...
This is what some economists call the paradox of thrift. The notion is generally credited to Englishman John Maynard Keynes--seemingly the source of every important economic idea these days--although he doesn't appear to have actually used the phrase. Paul McCulley, an economist and portfolio manager at bond giant Pimco, defines it like this: "If we all individually cut our spending in an attempt to increase individual savings, then our collective savings will paradoxically fall because one person's spending is another's income--the fountain from which savings flow." (See the top 10 financial collapses...