Credit Writedowns

It is almost like they are trying to manipulate the market prices on a day to day basis. At best the total $300 billion is probably less than 1/5th of total treasury issuance (not counting TARP, etc, for fiscal 2010). By the way, I…

This comes from Angus Robertson of Research Recap.  Expect some major writedowns here going forward: A dramatic rise in delinquencies has led Fitch Ratings to raise its average loss estimates for recent vintage jumbo prime mortgage pools…

I do believe the U.S. policy response to this financial crisis is very much like the Japanese response to their crisis in the 1990s. I have a post up at "naked capitalism" making this point. I would add, however, that America is in a…

Marshall Auerback here. I do not like the Geithner Plan because it is needlessly expensive. Nevertheless, it could well work. My main objection is that it constitutes the most regressive transfer of wealth in history and it's being done…

This comes from Swiss daily Le Temps (my translation): Credit Suisse will request the creation of additional conditional capital of 3.98 million at the General Meeting of April 24. The operation is to guarantee to the bank the "strategic…

Merrill's Economic Research team has been top notch for years under the leadership of Richard Bernstein and David Rosenberg. Unfortunately for Bank of Aerica, these two gentlemen are jumping ship now that Merrills has been taen over by…

The remittanc income from Mexican and Central American immigrants working in the United States bck to their home nations is not the only huge remittance flow in the world. One of significant import is in Europe, where millions of indivuals…

This comes from Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman (bolding in original).  Chandler does NOT see an imminent switch to  Euros in the offing, despite the recent musings by Chinese officials  (Neither…

Here are the main links. Others can be found in the news feed (also available via RSS). Enjoy. The Cultural Costs of Bailout Nation - Baseline Scenario The biggest problem with the Geithner plan - John Hempton The fiscal vacuum…

Paul Kasriel thinks the Fed announcement that it is monetizing the U.S. Federal Government's deficit is very important. He ends his article at Northern Trust with these words: In the coming months, the federal government is going to be…