Economic Troubles

Kiwi Trader was early carrying the now well known news about the French trader who lost/stole $10 billion from his bank, and that this may have led to the fall in European sharemarkets.

Fran O’Sullivan believes interest rate rises are no more, and that if anything a recession can’t be ruled out if bad policy decisions are made.

Chris Daniels in the HOS reports that some economists are saying the global problems make tax cuts far more desirable as a way to spice up the economy.

Bill Ralston is unimpressed with Dr Cullen’s response:

Michael Cullen gave a remarkable impression of the blissfully imbecilic guy on the cover of Mad magazine this week with his “What? Me? Worry?” utterances on the crisis facing world financial markets and the prospects of New Zealand following them down the gurgler.

… In Australia, the US and elsewhere, governments and central banks raced to try to save the situation. In New Zealand, Cullen and Bollard had a cup of tea and a lie-down.

And finally the SMH has an article on the rogue trader and how he has gone into hiding.