The Fed's debt-bridge policy is designed to improve the flow of credit to businesses to avoid a devastating credit crunch. Never before has one of the monetary policy solutions to combat recession been to extend credit to struggling, [...]
Introducing
Joseph G. Carson
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Joseph G. Carson, Former Director of Global Economic Research, Alliance Bernstein. Joseph G. Carson joined Alliance Bernstein in 2001. He oversaw the Economic Analysis team for Alliance Bernstein Fixed Income and has primary responsibility for the economic and interest-rate analysis of the US. Previously, Carson was chief economist of the Americas for UBS Warburg, where he was primarily responsible for forecasting the US economy and interest rates. From 1996 to 1999, he was chief US economist at Deutsche Bank. While there, Carson was named to the Institutional Investor All-Star Team for Fixed Income and ranked as one of Best Analysts and Economists by The Global Investor Fixed Income Survey. He began his professional career in 1977 as a staff economist for the chief economist’s office in the US Department of Commerce, where he was designated the department’s representative at the Council on Wage and Price Stability during President Carter’s voluntary wage and price guidelines program. In 1979, Carson joined General Motors as an analyst. He held a variety of roles at GM, including chief forecaster for North America and chief analyst in charge of production recommendations for the Truck Group. From 1981 to 1986, Carson served as vice president and senior economist for the Capital Markets Economics Group at Merrill Lynch. In 1986, he joined Chemical Bank; he later became its chief economist. From 1992 to 1996, Carson served as chief economist at Dean Witter, where he sat on the investment-policy and stock-selection committees. He received his BA and MA from Youngstown State University and did his PhD coursework at George Washington University. Honorary Doctorate Degree, Business Administration Youngstown State University 2016. Location: New York.
Publications by Joseph G. Carson
Global| May 26 2020Something's Wrong: A Debt-Financed Recession
- Global| May 14 2020
Uh-Oh!: Record Drop in Taxes Signal Deep Consumer Recession
In April, federal withheld income tax collections posted a record drop from year-ago levels. The scale of the decline indicates that the reported figures on job loss and unemployment are understating the collapse in labor markets. How [...]
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- Global| May 04 2020
ISM April's New Order & Production Crash
The Institute of Supply Management (ISM) composite index for manufacturing fell 7.6 points to 41.5 in April, the lowest level since the Great Financial Recession. As bad as the headline numbers appear at first glance the "internals" [...]
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- Global| Apr 30 2020
30 For 30: 30 Million Jobless Claims vs. 30% Gain in Equity Prices
The great divide between finance and the economy rolls on. In the past 6 weeks, jobless claims have increased by 30 million, while the S&P 500 index has increased by more than 30%. The last decade saw the greatest divide ever between [...]
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- Global| Apr 20 2020
The "Best" Economy: Not Before, Nor After Coronavirus
The strong rebound in equity prices since mid-March suggests investors are banking on a fast rebound in the economy once government eases the restrictions on work-life, travel and social and recreational gatherings. Reopening regions [...]
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- Global| Apr 13 2020
Lessons from the 1980 "Inflation" Virus: Transmission Chain Needs to Be Broken for Successful Outcome
As difficult it was to decide to shut down large segments of the economy in order to contain coronavirus it will be even trickier to decide when to end the lockdown. News that the coronavirus curve (i.e., the number of cases) may be [...]
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- Global| Apr 06 2020
Massive Disruption in Labor Markets
The March employment report shows massive disruption in the labor market triggered by the coronavirus. And as awful as the payroll job loss numbers appear they pale in comparison to the record loss in household employment and surge in [...]
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- Global| Mar 26 2020
"Déjŕ Vu"--"Destroying the Economy By Trying to Save It"
Government restrictions to contain coronavirus have caused tremendous economic damage compelling some to question is it worth "destroying the economy by trying to save it"? This is not the first time government restrictions triggered [...]
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- Global| Mar 17 2020
A "Primer" on Recession: Post Recession Business & Finance Will Be Different
Economic recession is an infrequent occurrence, but in a fundamental sense recessions are the economy's way of cleansing the "rot" out the system that have been built up over time. This emanates from bad investments, bad loans, bad [...]
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- Global| Mar 13 2020
Investors Should Brace For A Record Decline In GDP
Two of largest quarterly declines in economic activity during the post war period occurred during a financial crisis and a widespread cessation of consumer and business activity triggered by uncertainty (and panic) following the [...]
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Last weeks' sharp decline in the equity market was both historic and unusual. In a span of 5 trading days, the S&P 500 index dropped 11.5%, one of the largest single week declines on record. And what is also unusual about last week's [...]
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- Global| Feb 21 2020
"Deja Vu": Companies Don't Account For All Costs To Make Financial Results Appear Better
A large number of US companies are relying on accounting gimmicks to strip out various costs in order to make reported profits appear to be better (or losses less small) than actually is the case. Once again the biggest adjustment [...]
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