things I read yesterday … 04/05/2008

reportonbusiness.com: Canada continues to create jobs  Annotated

tags: clblog, economy, reportonbusiness

“Canadian employment is still holding up well, with no obvious signs of stress outside of the beleaguered manufacturing sector,” said deputy chief economist Doug Porter in a note to clients. “The bounce in the unemployment rate is as much a reflection of the tidal wave of people pouring into the work force as a sign of weakness in the job market,” he noted. “After all, employment is still up 1.9 per centfrom a year ago, which would normally be seen as a solid increase.”

It’s Hard to Thaw a Frozen Market – New York Times  Annotated

tags: credit crisis, banking disruption, disruption

“Market prices have been drained of their informational value and thus don’t much reflect the “wisdom of crowds,” as they would under normal circumstances. Investors are instead flocking to the safest of assets, like Treasury bills.”

Beyond the Banking Crisis: A Strategy Crisis – Harvard Business Online’s Umair Haque  Annotated

tags: credit crisis, banking disruption, umair haque, disruption

Fascinating analysis suggesting a fundamental shift is occurring in banking. Umair writes in the HBR.

Let’s begin with a quick explanation from the ever-incisive Tyler Cowen. He notes:

“What is distinctive today is the drying up of market liquidity — the inability to buy and sell financial assets — caused by a lack of good information about asset values…Market prices have been drained of their informational value.