
His face, a journalist wrote, “recalls almost startlingly one of the portraits of Abraham Lincoln,” a face imbued with “a kind of sad mysticism.”
—NYT

His face, a journalist wrote, “recalls almost startlingly one of the portraits of Abraham Lincoln,” a face imbued with “a kind of sad mysticism.”
—NYT
Housing has been the sector of the economy with the largest multiplier effect. Whether buying new homes or existing homes, people tend to fill them up with things: new furniture, new appliances, new window coverings.
—David Berson, former chief economist at Fannie Mae, current chief economist of PMI Group
I’m right in there with the rest of the cheerleaders, but there are no historical anecdotes, no historical data points to use for this
—Lewis Ranieri, the 62-year-old mortgage- bond pioneer who is chairman of New York-based Hyperion Partners LP.
China and a few other central banks have grumbled about the dollar but they don’t have many other alternatives so they keep buying.
—Michael Atkin, head of sovereign research at Putnam Investments in Boston, $12b in fixed-income assets
The end of the world appears to have been postponed.
The trouble is, we really have no road maps. The only model is the Great Depression itself. [That] was ended by a very large spending program known as World War II and we don’t really want to repeat that.
—Paul Krugman in Helsinki
And that is my case, too. The world is positioned for disappointment. But, in economic and financial matters, the world rarely gets what it expects. Pigou had humanity’s number. The “error of pessimism” is born the size of a full-grown man—the size of the average adult economist, for example.
—James Grant in the WSJ, the editor of Grant’s Interest Rate Observer
We need to find ways to bring down that trading friction cost, we need to make sure we’re not being taken advantage of. Hopefully our counterparties, our dealers, will make less money from us and our clients are going to make more return…There’s no question, you have seen huge profitability in some of these institutions. The widest bid-ask spreads are in fixed income — the more opaque the market, the more money the market makers are making.
—Larry Fink on crossing trades internally and cutting brokers out of the loop
China has decided that clean-tech is going to be the next great global industry and is now creating a massive domestic market for solar and wind, which will give it a great export platform.
In October, Applied will be opening the world’s largest solar research center — in Xian, China. Gotta go where the customers are. So, if you like importing oil from Saudi Arabia, you’re going to love importing solar panels from China.