Tag Archives: Recession

Obama tells banks to lend, clearly doesn’t understand risk management

Bankers need to put their money to work, President Obama says. On Sunday, he said that the “fat cat bankers,” a safe expression to use when appealing to Middle America, “still don’t get it.” So, he’s pushing them to make more loans and accept the fact that regulation is coming.

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Goldman says sorry, ponies up $500 million for small businesses

For its role in the global financial crisis, which had an impact of several trillion dollars, Goldman Sachs feels just awful. The incredibly prestigious bank, one of the few to come through the market mayhem looking pretty damned good, wants you to know that it’s sorry. CEO Lloyd Blankfein said at a conference in New York, “We participated in things that were clearly wrong and have reason to regret.” And then, he pulled the trigger on the big one: “We apologize.”

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Gray’s Papaya, Part II

dsc03722The price increase at Gray’s Papaya does bug the shit out of me, even though it doesn’t price me out of the market. C’mon, $1.50 per hot dog is not a big deal. Nothing at all. But, it irritates me that they didn’t announce the price increase, as they have in the past.

I would have had my story up earlier, but a pretty big magazine expressed some interest and then bailed. So, after the jump, you’ll get the backstory, a cool hot dog price chart and links to other interesting articles on the price increase.

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Hot Dogs Make Financial Crisis Real

dsc02032When I moved to Manhattan in 2004, hot dogs were only $0.85 each at Gray’s Papaya. A year later, the price jumped to $1.25. One could hardly blame the poor guys. They hadn’t increased their prices in a while, and New York’s an expensive place. They even posted an apology on the wall. In September, the price went up again, this time with no apology and no warning.

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“Recession Realities”– my June article in Dominican Times Magazine

The term “recession” is often abused. Too often, it is used to describe any economic downturn. There is no shortage of problems with today’s economy. The recent decimation of top-ten investment bank Bear Stearns, which sold for less than A-Rod’s contract, sent another round of aftershocks through an economic system already shaken by the subprime mortgage crisis of last year. Despite the claims of headlines and commentators, though, recessions do not occur nearly as frequently as they seem.

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