It's easy to sympathise with the collective glee that greeted JPMorgan’s shock revelation of some $2 billion of trading losses. The bank and its chief executive Jamie Dimon have received their long-awaited comeuppance. But this emotion — Dimonfreude, if you will — is dangerous. If one of the few big banks that managed to sidestep most of the credit crisis is proven fallible, confidence
Paul Volcker, former chairman of the US Federal Reserve, used to say the only worthwhile financial innovation in last 60 years is the automated teller machine (ATM). Reserve Bank of India’s
India’s economy is in big trouble mainly because its best economic minds are making two basic mistakes. Both are caused by being too wedded to textbook predictions, rather than looking at
“We live in this peculiar world where three per cent inflation is stability but a half per cent decline in the price index is deflation. I am not quite up with modern nomenclature.”
Reagan: President Ronald Reagan, born 100 years ago on February 6, was markedly more successful at creating jobs than the current administration. US nonfarm payrolls have risen
Last week marked an important milestone for banking and financial regulation in the US. The Obama administration has undertaken possibly the most drastic overhaul of the financial regulatory
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