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• « Monday « January 19, 2009

  1. datetime

     1. {01192009}
     2. {10:53:14 AM}

     content

     1. Wall Street Voodoo

         

        (NYTimes.com)

         
     2. Krugman: To explain the issue, let me describe the position of a hypothetical bank that I'll call Gothamgroup, or Gotham for short.
        
        On paper, Gotham has $2 trillion in assets and $1.9 trillion in liabilities, so that it has a net worth of $100 billion. But a substantial fraction of its assets-say, $400 billion worth-are mortgage-backed securities and other toxic waste. If the bank tried to sell these assets, it would get no more than $200 billion.
        
        So Gotham is a zombie bank: it's still operating, but the reality is that it has already gone bust. Its stock isn't totally worthless-it still has a market capitalization of $20 billion-but that value is entirely based on the hope that shareholders will be rescued by a government bailout.
        Behold, "Zombie Economics." Cool!
        
        b/w: @davewiner

     metadata

     1.  
     2. 10:53:14 AM
     3. Krugman: To explain the issue, let me describe the position of a hypothetical bank that I'll call Gothamgroup, or Gotham for short.
        
        On paper, Gotham has $2 trillion in assets and $1.9 trillion in liabilities, so that it has a net worth of $1..."
     4. 

     categories

     1. keywords:
     2. economics
     3. economy

     type

   

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