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* <cite id="UBS20080919">{{cite web |title=Investment bankers of the world, unite! |first=UBS |authorlink=[[UBS AG]] |url=http://uk.youtube.com/watch?v=36ZWywSq2V0 |date=2008-09-19 |accessdate=2008-10-11}}</cite> in response to the [[Emergency Economic Stabilization Act of 2008|Paulson plan news]].
* <cite id="UBS20080919">{{cite web |title=Investment bankers of the world, unite! |first=UBS |authorlink=[[UBS AG]] |url=http://uk.youtube.com/watch?v=36ZWywSq2V0 |date=2008-09-19 |accessdate=2008-10-11}}</cite> in response to the [[Emergency Economic Stabilization Act of 2008|Paulson plan news]].


Explanation: An RTC model is the purchase of assets of failed institutions. An RFC model is the recapitalisation of poorly capitalised institutions.
Explanation: An RTC model is the purchase of assets of failed institutions, named after the [[Resolution Trust Corporation]]. An RFC model is the recapitalisation of poorly capitalised institutions, named after the [[Reconstruction Finance Corporation]].


== Links ==
== Links ==

Revision as of 04:40, 12 October 2008

This is a list of my sources, each section sorted by last name of person, or first word of organisation.

Paper

  • Bott, George (1968) [1958]. Selected Writings. London, Melbourne, Toronto, Singapore, Johannesburg, Hong Kong, Nairobi, Auckland, Ibadan: Heinemann Educational Books. pp. 25–33, 175, 182. ISBN 0-4351-3675-5.
  • Penguin Books (1969) [1957]. Inside the Whale and other essays. England, Australia: Penguin Books. pp. 7, 91–98. ISBN 0-1400-1185-4. (Google says 1979 and 202 pages but my book was printed 1969 and has 203 pages)
  • Haining, Peter (1979) [1976]. The Great English Earthquake. London: New English Library. ISBN 0-4500-3823-8. (219 pages printed by Hunt Barnard Printing Ltd, Aylesbury, Bucks)

Online

This is a list of sources, either wholly or partly viewable online, and mainly on airships.

  • British Movietone Newsreel. 1931. Graf Zeppelin returns home, covers the polar expedition, Archangel, Leningrad, chef preparing meal, land on Arctic sea, Malygin rendezvous, food and mail drop (Youtube)
  • Hugill, Peter J. 1995. World Trade Since 1431: Geography, Technology, and Capitalism, JHU Press, ISBN 0801851262, page 258: "two unsuccessful airships in 1897, that of David Schwartz of Austria being important because of its aluminum structure and covering (Beaubois, 1976, 29-31)"
  • TCM Around the World Via Graf Zeppelin (1929), overview of a Metro-Goldwyn-Mayer film narrated by Lt. Comdr. Charles L. Rosendahl USN, with Dr. Eckener and Lady Drummond Hay. TCM state not available on Home Video. Not found on IMDB.
  • Whale, George. 1995. British Airships, Past / Present / Future, ISBN 1426400748, BiblioBazaar (October 26, 2007) (also 1996 Gutenberg version)
  • Emily Wichman, Two Routes TO THE Arctic, uwho.rso.wisc.edu, pages 24-40, details both Nautilus and Graf expeditions, both the scientific achievements and public reactions

UBS daily roundup for 2008 September 19

This is Paul Donovan from UBS' global economics department.

Investment bankers of the world, unite! You have nothing to lose but your credit problems.

Yesterday saw three distinct events that mean that the beginning of the end of the credit crisis is at hand for financial markets. The worst is still ahead for the real economy.

First, the central banks of the world injected massive amounts of liquidity, and in doing so resolved the immediate issue of the collapse of money markets. This allowed the financial system to continue to function, but obviously did nothing to resolve the fundamental flaw, which is the insufficiency of capital in the financial sector. The process has continued today, and it should be noted that interbank markets are still not functioning normally.

Second, the United Kingdom led an attempt to ban short selling in financial stocks; some US investors said they would not lend stock for short selling. This can be characterized as a populist reaction of no positive value. Anyone who seriously thinks that the cause of this crisis arises from the actions of evil and manipulative speculators lacks the insight and knowledge to be allowed anywhere near the regulation of financial markets. Short selling may well exacerbate problems, but it was not the cause.

Third, Comrade Schumer of the Senate of the People's Democratic Republic of America announced that he had had discussions with Comrades Bernanke and Comrade Paulson and effectively that a public-sector injection of capital into the banking system was now under consideration. This was confirmed by the Treasury, provided that the Congressional Soviet passes this legislation, this would be the socialization of the banking system's problems, which is required.

This is the end game. This was, and is, the only possible solution to the crisis, as we have been highlighting all week. The precise structure of the capital injection remains uncertain. It could be an RTC-style model, which followed the Savings and Loans crisis, focussing on the purchase of poor quality assets. It could be an RFC-style model, which followed the Great Depression focussing on taking stakes in companies. The details matter to markets, but from a macro-economic perspective they do matter at all. Injecting social capital into the banking system is all that matters.

Assuming legislation passes, Thursday night can be regarded as the financial system turning point. Questions over the best model for investment banking will remain of course, and nervousness will also remain. Three month T-bills are still around zero percent yield. However the fundamental cause of the crisis is addressed under these proposals.

Tactically, this is positive for equities and for credit products and negative for government bonds ... .

Comrade Schumer's dramatic announcement marks the beginning of the end for the financial crisis, however it merely marks the end of the beginning for the real economy. The worst is still ahead of us in economic terms.

Socialising the financial system problems will not suddenly induce an increase in credit system lending, nor of course should it. The process of bank balance sheet repair is one half of the story. The other half is the need for borrower balance sheet repair. And that is borrower balance sheet repair on both sides of the Atlantic.

The process of deleveraging that this entails will reduce growth below trend for a prolonged period. The good news is that Comrade Schumer and his fellow commissars in government are reducing the duration of that downturn, perhaps to a length of a couple of years. Without the socialising of the banking problem, the duration of the downturn could have been of Japanese proportions. The fact of the downturn, and by most recent standards an unpleasant downturn, remains.

It's worth noting that the second quarter flow of funds data from the States published yesterday shows that non-financial borrowing grew at three and a half percent. That is a nominal figure, down about 8.1 percent from the end of last year. Household debt has contracted sharply. We believe there is a further contraction ahead.

We should not undermine the revolutionary aspects of yesterday's events. At the same time we must recognise the difference between markets pricing out the extremes of risk and fundamental recovery. Yesterday's events were absolutely essential. But there is a long and uncertain path for the real economy. As Comrade Lenin said "it is impossible to predict the time and progress of revolution. It is governed by its own mysterious laws."

That's all for today, have a good day.

Explanation: An RTC model is the purchase of assets of failed institutions, named after the Resolution Trust Corporation. An RFC model is the recapitalisation of poorly capitalised institutions, named after the Reconstruction Finance Corporation.

Links