Posted by admin / Under Business News
Call us cynical but we wonder whether Mayor Michael Bloomberg’s passionate backing of the building of a controversial mosque near Ground Zero stems as much from Bloomberg’s belief in America’s “freedom of faith” as it might from the Mayor’s belief in the “virtues of Islamic finance?” Does the Mayor’s unshakable support have anything to do with The Bloomberg (company) becoming a ‘single provider of information that caters to the Islamic business market’? A Bloomberg five-year business plan for an Islamic finance portal via a Bloomberg hub at the Dubai International Financial Centre (DIFC) is already a reality.
Published on Tuesday 31st of August 2010 11:09:35 AM
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Posted by admin / Under Business News
So says the DOL: In the week ending Aug. 21, the advance figure for seasonally adjusted initial claims was 473,000, a decrease of 31,000 from the previous week's revised figure of 504,000. The 4-week moving average was 486,750, an increase of 3,250 from the previous week's revised average of 483,500. Notice the revision - revised up 4,000. So yeah, it was down, but not as much. But again, I'm interested in everyone on these programs, and here the trend is decidedly the wrong way:
Published on Tuesday 31st of August 2010 11:09:35 AM
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Posted by admin / Under Business News
This morning I wanted to puke up my coffee while listening to CNBS, which was going on about "policy mistakes" and the Jackson Hole symposium that is opening today. In short, the premise they're running (along with the rest of the media) is that we're "trying" to have a recovery, and only a policy mistake by the Central Banks can destroy it. This is a damned lie. The policy mistake was already made, 10 and 20 years ago, and it was both governments and central banks that made it. The policy mistake was to allow leverage to masquerade as growth....
Published on Tuesday 31st of August 2010 11:09:35 AM
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Posted by admin / Under Business News
I've taken a hell of a lot of shots at policy over the last three years, and have on occasion gone after specific policy mandates and recommendations. This will be an attempt to back the lens out and take a wider view. That is, we're going to look at first principles, not the fine details. If we want to fix America's economy, we have to address the distortions that have been exploited by those in American business, and especially those in foreign businesses. This means, broadly, two things: •Economic (wage) arbitrage •Environmental arbitrage
Published on Tuesday 31st of August 2010 11:09:35 AM
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Posted by admin / Under Business News
No less than 93% of Chinese businessmen say the main reason for their spectacular success is network connections (guangxi), especially with government officials. Indian businessmen, however, have succeeded despite the government: 81% say the main reason for their success is jugaad, the ability to find innovative way round prohibitive rules and institutions. This is the key finding of a survey of 4,000 businessmen in the two countries by YouGov, a top online survey organisation, and the Legatum Institute, an independent think tank. The survey represents the subjective view of Indian and Chinese entrepreneurs, but has a ring of truth. China...
Published on Tuesday 31st of August 2010 11:09:35 AM
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