As lawmakers appeared to reach a tentative deal on a Treasury rescue proposal for troubled assets, Steve Quinn, associate professor of economics at Texas Christian University in guest post for Real Time Economics, looks back at Britain’s experience in the 18th century to offer an alternative plan.
The current financial crisis began with the idea that [...]

As lawmakers appeared to reach a tentative deal on a Treasury rescue proposal for troubled assets, Steve Quinn, associate professor of economics at Texas Christian University in guest post for Real Time Economics, looks back at Britain’s experience in the 18th century to offer an alternative plan.
The current financial crisis began with the idea that [...]

In the question and answer period that followed Ben Bernanke’s speech today to the Economic Club of New York, the Federal Reserve chairman answered questions on why Lehman Brothers was allowed to fail, whether home prices are the root of the current problems and more. (Read the full transcript here.) Here are some highlights:

Bernanke speaks [...]

Countries around the world have to coordinate their responses to the global financial crisis and ensure their economies remain open to investment, U.S. Deputy Treasury Secretary Robert Kimmitt said Monday.
“Because the crisis is a global event, Countries should continue to coordinate their actions to face the turmoil, so the actions taken in one country do [...]

If a piece of real estate sells for more than $30 million these days, the buyer is probably an ARB: “Anonymous Russian Billionaire.”
The latest ARB purchase is in Moscow. According to the web site ballerhouse, an anonymous Russian business tycoon is plunking down $99 million for a townhouse. The price sets a new record for [...]

Photo of the Day from The Telegraph
The price of a Borat lycra mankini: RMB119
Enough beer to get you drunk enough to wear it: RMB299
The curious stares of onlookers at your public swimming pool: PRICELESS

The luxury economy doesn’t rely on just a few investment banks. And even Manhattan has proven fairly resilient to the shocks on Wall Street in the past year.
But the fall of Lehman Brothers Holdings and the inevitable cuts at Merrill Lynch, which has agreed to be bought by Bank of America, could be the big [...]

While Beijing is still basking in the afterglow of the Olympics, Forbes and the Economist have been looking further afield, and have ranked the business attractiveness of China’s bigger cities.
From Forbes (via China.org.cn):
Top Five:
1. Hangzhou
2. Shanghai
3. Wuxi
4. Nanjing
5. Ningbo
“Hangzhou was named the best place to do business in China for a fifth consecutive year in a Forbes survey…Shanghai came in [...]

Ah, the good life. You made your millions or billions. Now it is time to kick back, relax by the pool…and manage your costly and complicated family office.

Associated Press

Family offices are must-haves for Upper Richistanis. If you have $100 million or more, chances are you’ll need a family office to manage your investments, travel plans, [...]