Jan Hatzius

IN THE HISTORY OF election forecasting, 2012 was 1936 all over again, with the roles updated. In 1936, a trio of new forecasters—Elmo Roper, Archibald Crossley, and George Gallup—used statistical sampling methods and predicted that Franklin D. Roosevelt would win re-election, contrary to the best-known “straw poll” of the time, conducted by The Literary Digest. The Digest mailed ballots to millions of automobile owners and telephone subscribers, groups that in the midst of the Depression drastically over-represented Republicans.

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Paul Krugman highlights an incredibly important point from yesterday's daily report by Goldman economist Jan Hatzius: The private sector financial balance—defined as the difference between private saving and private investment, or equivalently between private income and private spending—has risen from -3.6% of GDP in the 2006Q3 to +5.6% in 2009Q1. This 8.2% of GDP adjustment is already by far the biggest in postwar history and is in fact bigger than the increase seen in the early 1930s. Which is to say, we've swung from spending to saving even more sharply than we did during the Depression.

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The public relations campaign packaging the bank stress tests is kicking into high gear and our professional information managers are really hitting their stride. They face, of course, a classic spin problem: you need to get the information out there, but you don't want to be too definitive on the first day or soon after--if you're easy on the banks, that looks bad; if you're tough on the banks, that might be dangerous. The best way to handle this is by jamming your own signal--which they are starting to do in brilliant fashion. To the WSJ you leak that BoA needs to raise a great deal of capit

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