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That’s what the British government promised teenage participants in a McDonald’s Corp.’s program that allows them to earn credit toward graduation in courses, including management, finance, hygiene and human resources, according to an Associated Press article.
“We want to ensure that our approach to recruitment, training and development continues to create real opportunities for social mobility,” David Fairhurst, a McDonald’s senior vice president, said in the article.
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31 January, 2008| Economy | Comments (0) @ 18:23

Thai Exports Keep Production Growing

As consumption stages a brief retreat….
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31 January, 2008| Economy | Comments (0) @ 18:00

Secondary Sources: No Whining, Fed, Yuck

A roundup of economic news from around the Web.

No Whining: Harvard’s Ricardo Hausmann writes in the Financial Times that the government and the Federal Reserve should stop pulling out all the stops in a bid to avert a recession. “The US should face its need for adjustment with courage and reason, not fear. It should stop behaving as the whiner of first resort, ready to waste all its dry powder on a short-sighted attempt to prevent a 2008 recession. Many poorer countries with weaker markets and institutions have survived and benefited from an adjustment that involves a year of negative growth. Faster bank recapitalization, fiscal investment stimulus and international co-ordination should be first on the policy agenda.”
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31 January, 2008| Economy | Comments (0) @ 18:00

MBIA: Triumph of the Techocrats?

In the battle of Bill Ackman vs MBIA, the market seems to be speaking quite clearly: MBIA is winning, if only by sheer force of boredom. Ackman’s manifesto might be forcefully written, but MBIA’s stock has soared from an opening level of $11.80 to a $15.43 now, something over 110 minutes into one of the longest conference calls I’ve ever had the misfortune to listen to (slides h…
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31 January, 2008| Economy | Comments (0) @ 17:55

Hedge Fund Wants To Block Countrywide Deal

Is Bank of America’s acquisition of Countrywide in trouble? You wouldn’t think so if you’re looking at the spread between where the shares of the two companies are trading. The spread between the shares and the offering price has narrowed dramatically in the last few days, from a high of nearly 25% to the current 15% gap.

But today the Monaco-based hedge fund SRM Global Fund filed a 13D complaining that the merger plan does not deliver “sufficient value” to Countrywide shareholders. SRM has acquired a 5.19% stake in Countrywide.
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31 January, 2008| Economy | Comments (0) @ 17:51

Rough in the Early Going

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31 January, 2008| Economy | Comments (0) @ 17:49

Updated: Mortgage Uptick Hits Search Markets

The expression “mortgage rates” made it last week onto Hitwise’s list of fast-growing searches on major search engines, like Google. I mentioned this earlier in a brief link, but I now have more data via Hitwise. The uptick was undoubtedly driven by the Fed’s surprise rate cut, so here were my questions to the folks at Hitwise: Has “mortgage rates” ever been on the fast-moving search list before? W…
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31 January, 2008| Economy | Comments (0) @ 17:22

Be It Resolved: Economists Are Evil

Quote of the day comes from a seminar on repugnance (don’t ask) earlier this month at the American Enterprise Institute. The speaker is Paul Bloom of Yale University. “The problem is not that economists are unreasonable people, it’s that they’re evil people." Oh, that explains everything. Wish Bloom had spoken up sooner. You can watch the whole seminar h…
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31 January, 2008| Economy | Comments (0) @ 17:13

linkfest — 01/31/08

On a busy travel day, emptying my burgeoning browser tabs: Top 10 Entertainment & New-Release Movie Online Ad Spenders (Marketing Charts) comScore Releases 2007 U.S. Internet Year in Review (comScore) &…
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31 January, 2008| Economy | Comments (0) @ 17:04

The AMA, the FDA and Ratings Agencies: Conflicts, Conflicts Everywhere

Money is a very powerful motivator. And this can inure to the benefit of the individual and to all of society. Unless it doesn’t. Like when there are clear conflicts of interest, where a financial payoff is received based upon performance that could be compromised due to self-interest, and where the conflicted party’s actions can hurt those whom they are purportedly supposed to be helping. Such as when a rating agency slaps premium ratings on instruments that it d…
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31 January, 2008| Economy | Comments (0) @ 17:03

Credit Suisse To Bear Stearns: It’s Not You, It’s Us.

addslashes(Credit Suisse is totally not going steady with Bear Stearns. Ruddy Brady Dougan—the Irishman who is somehow chief executive of the Swiss bank—told Credit Suisse bankers at the meeting of the Committee To Run The World in Davos, Switzerland that a deal to acquire Bear Stearns is a “non-starter,” according to Mark DeCambre at TheStreet.com.
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31 January, 2008| Economy | Comments (0) @ 17:00

Tyler Cowen Cheers Democracy

(January 31, 2008 08:58 AM, by Arnold Kling) He writes, unlike one of my esteemed colleagues, I believe that we should revere democracy as one of the modern……
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31 January, 2008| Economy | Comments (0) @ 16:58

Premarket: UBS, MBIA Falling Again

American Depository shares of UBS continued a slide from yesterday, falling 6.8% in premarket action after financial stocks fell once again in Europe. The decline follows a Wednesday selloff triggered by the financial institution’s report that it would write down $14 billion in bad debt investments in the fourth quarter, rather than the $10 billion originally expected. Meanwhile, a report from Oppenheimer’s Meredith Whitney yesterday estimated big losses for three major institutions, including UBS, and Standard & Poor’s …
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31 January, 2008| Economy | Comments (0) @ 16:58

They Just Don’t Get Amazon!

They Just Don’t Get Amazon!

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31 January, 2008| Economy | Comments (0) @ 16:57

Michael Shermer on the Mind of the Market

Michael Shermer’s new book The Mind of the Market is well worth reading. It applies recent developments in evolution and brain research to economics, including such topics as snap purchases, trust, financial decision-making, etc. For those of you without the patience to read the whole thing, here is a video from his speaking appearance at Google on Tuesday of this week. …
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31 January, 2008| Economy | Comments (0) @ 16:48

The Massachusetts Health Care Tar-baby

(January 31, 2008 08:32 AM, by Arnold Kling) Shikha Dalmia writes, The state health-care bill for fiscal 2008-2009 is expected to touch $400 million — 85% more than……
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31 January, 2008| Economy | Comments (0) @ 16:32

Market Wrap: Bond Insurers Provide Assurance

All eyes on January employment….
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31 January, 2008| Economy | Comments (0) @ 16:30

What the Next President Needs to Know About the Economy

Read a book, save the economy! Floyd Norris is holding out some hope that his readers might be able to come up with a book or three that the next US president could read in order to understand "how the economy of the nation and the world functions," and "how to deal with the current economic and financial problems".
I have to say I’m having difficulty coming up with anything. It’s not that presidents are powerless over the economy, far from it. Rather, it’s that the key skills needed are in the way that ideas get executed, rather than the philosophy which lies behind those ideas. Consider emerging-market bailouts, for instance: the Clinton administration was philosophically in favor, while the Bush administration was philosophically opposed. But both administrations ended up doing much the same thing in the end: using highly-qualified Treasury Department technocrats to work hard on big international bailout packages.
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31 January, 2008| Economy | Comments (0) @ 16:15

Risk Environment Improves in Emerging Markets

The FOMC’s recent rate cuts bolstered investors’ risk appetite….
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31 January, 2008| Economy | Comments (0) @ 16:15

Firing Up My Kindle…

I have been staring at the Amazon box for about a week. Inside sits my daughter’s Kindle.
I am not a big reader, nevertheless, it says something about the product and category that I just did not want to rip it open and fire it up.
This ain’t no iPod.
It’s time though. Tonight I will fire it up. I am excited to get Rachel using it. Max won’t care unless there are games and comics.
I have been working on a book now for the last 6 months and it’s done. I am firing it off to the editors tonight in New York. It has been grueling. My wife and kids are more excited than me, maybe because they have sacrificed the most as usual. I don’t have a title, but I am confident that this community will help create one and a book design.
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31 January, 2008| Economy | Comments (0) @ 16:12

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