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Category Archives: Uncategorized

Our English cousins lay it out…

The House of Commons Treasury Committee Ninth Report of Session 2009–10 Report, together with formal minutes Ordered by the House of Commons, to be published 22 March 2010 Too important to fail– too important to ignore Summary The banking crisis of the last two years resulted in government support for the sector around the world amounting to almost a […]

State budget gaps for 2010

Via Credit Writedowns…

Shelby opposes Bernanke nomination

I’m at the Senate Banking Committee hearing on the Ben Bernanke. I’ll keep a running tab. Yes – 16 No – 7 Majority Christopher Dodd, Chairman, Connecticut Yes Tim Johnson, South Dakota Yes Jack Reed, Rhode Island Yes Chuck Schumer, New York Yes Evan Bayh, Indiana Yes Robert Menendez, New Jersey Yes Daniel Akaka, Hawaii Yes Sherrod Brown, Ohio Yes (soft may […]

Competition and investors WIN!

The WSJ reports… ~~~~”Morningstar Inc., the research firm known for its mutual-fund analysis, is now wading into the controversial realm of credit ratings. The firm on Wednesday for the first time published credit ratings on about 100 companies using a similar alphabetical scale to major credit-ratings services like Standard & Poor’s, Moody’sCorp.’s Moody’s Investors Service and […]

Post Office bank plan unveiled

If President Obama wants to be serious about financial reform there is an idea from our cousins across the pond … a “post bank” like the Japanese pre-privatization… (Update 12/5/09 — Japanese halt privatization of Japan Post Holdings Co) Dovetail this idea with an results of a study released today by the FDIC which says that […]

Adair Turner: Responding to the financial crisis: challenging past assumptions

Presentation slides[PDF] Speech by Adair Turner, Chairman, FSA British Embassy, Paris 30 November 2009 The financial crisis of 2007/08 was the worst for at least 70 years. Economic catastrophe was only prevented by extreme policy responses: even with these responses, the world has faced huge economic cost.   We must therefore identify the root causes as […]

that their seas and rivers were full of fish, the air sweet, the climate healthy, and above all, they were in the full enjoyment of liberty, civil and religious

The Real Story of the First Thanksgiving By Benjamin Franklin (1785) “There is a tradition that in the planting of New England, the first settlers met with many difficulties and hardships, as is generally the case when a civiliz’d people attempt to establish themselves in a wilderness country. Being so piously dispos’d, they sought relief […]

Household leverage and thin ice

I’m attending a conference at the IMF on “Financial Frictions and Macroeconomic Adjustment” First panel: Panel Chair: Jonathan D. Ostry (Deputy Director, Research Department, IMF) First paper: Household Leverage and the Recession of 2007 to 2009 Atif Mian (University of Chicago and NBER) and Amir Sufi (University of Chicago and NBER) Discussant: Kevin Lansing (Federal Reserve […]

We’ll see a manager’s amendment next week…

“Too big to fails” in the muni markets…

America’s largest banks are the prime underwriters of muni debt and swaps… this area of the market has been a particularly abusive part of Wall Street. Their behavior against municipalities is a charge against them in the discussion of whether they should be broken up. There are many stories of predatory behavior towards municipal officials… muni swaps […]