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Monetary System
Black: Stress tests and the Big Lie
I found this story and video of Bill Black on Tech Ticker (hat tip Larry Doyle). Basically, Black thinks the stress tests were a joke, a common theme heard from those in the know. Listen to what he says about a really difficult stress…
Westsound Bank seized by FDIC
The loss rate here is about 30%, $100 million on $334 million in assets. Here is the FDIC press release:
Westsound Bank, Bremerton, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the…
Fannie Mae: a bottomless pit for U.S. taxpayers
Bloomberg has the goods on Fannie and they’re not good. Fannie’s regulator wants $19 billion from the U.S. government because the firm has negative capital. Fannie Mae had $23.2 billion in losses last quarter alone. And it says losses in…
Data point of the day: actual unemployment rates
Below is a chart of the actual non-seasonally adjusted unemployment rates as calculated via the household survey. All of the unemployment rates are down from March to April. And the broad measure is down the most, from 16.2% to 15.4%.…
Inflation: The strategy that dare not state its name
Marshall Auerback here with a few thoughts about the monetary policy end game.
Bernanke has to continue to make hawkish comments about inflation so as to avoid a complete blow out in bond yields, but the the dirty little secret is…
Ken Lewis defends Bank of America’s stress test results
In the CNBC video below, Ken Lewis defends his company’s performance on the stress test and answers some pointed questions in the John Thain – Ben Bernanke – Ken Lewis – Hank Paulson he said she said match. He also details how Bank of…
The ECB gets aggressive and goes all-in for QE
The ECB went aggressive today and a big way. They were the last holdout in the move to quantitative easing (a.ka. printing money). They have lowered rates to a record low 1.00% and issued a statement that the European Central…
FDIC Statement on the Stress Tests
This came to me in my inbox seconds ago: Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair today commented on the release of the results of the Capital Assessment Program. Chairman Bair said: "I want to…
Warren: Banks have “shattered” our trust
Elizabeth Warren, the chair of the Congressional Oversight Panel to oversee TARP, goes ballistic in this interview with the guys from Tech Ticker. She gets right to the heart of what is wrong with the banking industry. You can tell she is…
Bank by bank breakdown of stress test results
UPDATE: These are the actual results:
Ten of the 19 largest U.S. financial institutions will be required to raise a combined $75 billion in capital, as the U.S. government for the first time divided healthy banks from those which may…