john haskell

Dick Bove Says Banking Is Sound - Time to Buy Financials?

these are not the only differences between now and 1990:
Then the President was George HW Bush, now George W Bush

In 1990 Paula Abdul was a top rated pop star, now she evaluates pop stars

Michael Milken wore a toupee, now he doesn't.

But the point is not that 2008 and 1990 are different. The point is to establish what losses banks will suffer in a system-wide flight from risk and refusal to lend (which we didn't have in 1990!) Commodities were in deflation in 1990, fine, but houses are in deflation now and houses are a much bigger balance sheet item for this economy than commodities. This essay needs to be rewritten.