Credit Writedowns

I have highlighted some of the state of the union addresses by Herbert Hoover in the past because I see the Great depression as a time with certain parallels to the present economic hardship. Let's look at the 1970s instead now. Here's…

This is a good and in-depth interview with Bill Black conducted by George Mason economics professor Russ Roberts. I highly recommend your listening to it

The dollar is extending its recent losses on hopes that Greece is inching closer to a deal that would ensure the next bailout payment, though the major currencies remain in relatively tight ranges.

Mirabile Dictu! Missouri Attorney General Files Criminal Lawsuit on Robosigning « naked capitalism What is striking about the indictment by a Missouri grand jury is that the Missouri AG Chris Koster has decided to challenge the…

Great data from Bespoke. Looks like Portugal is the odd man out as the only government in which its CDS spreads have widened this year.

Given market positioning and the anticipated long-term repo operation at the end of the month, it is tempting to see this move above $1.3250 as a breakout. Is it a breakout?

The decision for Europe’s bosses is this: they must ultimately confront the consequences of their policy choices. They can destroy the eurozone by continuing with the same failed mix of policies or by salvaging it by adding what has been…

One conclusion from the Fed's actions is that it doesn't care as much about its inflation target as it does about improving the unemployment rate. Thus, it will err on the side of letting inflation rise, if it would improve unemployment.…

FX intervention is certainly in the air this week for Latin America. Brazil stands out as the most aggressive, of course, as the central bank intervened in the forward market Friday and in the spot market Monday.

Here's the latest story that's been getting buzz around the internet: banks are trying to get troubled mortgages off their books without having to go through costly foreclosure processes and they are offering homeowners cash incentives to…