Financial Times
At first glance, Germany’s decision not to insist on compulsory participation by private lenders in the latest bail-out of Greece may seem like a defeat for Chancellor Angela Merkel and Europe’s largest economy. But appearances can be deceiving. On another, more important level, Germany came out of the latest round of brinkmanship exactly where it may well have wanted to be – with the common currency intact and Germany able to motor forward.
Wall Street Journal, Letters to the Editor (June 9, 2011)
Regarding David Skeel’s “The Real Cost of the Auto Bailouts” (op-ed, June 6): As the success of President Obama’s automobile rescue becomes increasingly undeniable, its critics grow more frantic. Like many others, David Skeel misstates the facts.
Financial Times
Asset bubbles have been with us at least since 17th century Holland, when a tulip bulb commanded more than 10 times the annual income of a skilled craftsman. Today’s version 1.5 of internet euphoria may not have reached those levels and newer business models may prove more sustainable – but a correction in valuations could still be painful.
“[a] surprisingly modest account…Rattner has a journalistic talent for the telling detail, resulting in a memorable tale of life in the middle of the economic meltdown...Rattner deftly draws portraits of the inhabitants of "the Oval" and the West Wing...Rattner has proved himself a gifted chronicler.”
-Time Magazine
