Japan

The domestic economy is much closer to normal

June 30th, 2015|by Michael Ashley Schulman, Perspectives, The Big Picture|

The domestic economy is much closer to normal that it has been in the last five years. With expectations that the U.S. economy will grow 3% in the second half, Greece’s immediate uncertainty behind us, Cuban and Iranian détentes winding their way through the political process, and little damage done by Chinese stock gyrations, there […]

The U.S. economy appears to be on a sustainable growth path

February 28th, 2011|by Michael Ashley Schulman, Perspectives, The Big Picture|

The U.S. economy appears to be on a sustainable growth path while the euro zone remains mired in debt emergencies, largely because of its much weaker policy response. Therefore, rate increases by the European Central Bank (ECB) at this stage would be a policy mistake, but that is not to say that they won’t raise […]

Central banks are ripe to exit a period of unprecedented monetary ease

December 31st, 2009|by Michael Ashley Schulman, Perspectives, The Big Picture|

Entering 2010, perception is that Central banks are ripe to exit a period of unprecedented monetary ease. Governments in Japan, Europe, and the U.S. will issue historically high levels of debt, parts of the emerging market will face fresh real estate and equity market highs, and the U.S. will hold important midterm elections which will […]

Stimulus is 2009’s buzzword

January 31st, 2009|by Michael Ashley Schulman, Perspectives, The Big Picture|

Stimulus is 2009’s buzzword: market, consumer, real estate, corporate, and foreign stimulus. Looks like we need it! The S&P500 just lost 8.4% during the worst January in its history and the US lost half-a-million jobs. For benchmarking, 2008 set a record for the most jobs lost in a year since World War II. Large and […]

The credit market crisis is unprecedented

November 30th, 2007|by Michael Ashley Schulman, Perspectives, The Big Picture|

The credit market crisis is unprecedented in recent history and is deeply rooted in the bursting of the speculative U.S. housing market bubble and the ensuing supply glut. The housing crisis and its effects may go from bad to worse before getting better. Nationwide, 635,000 foreclosure filings — default notices, auction sale notices and bank […]