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Flooding the system with money?
Marshall Auerback here:
I am somewhat simplistic about this, but if the issue is one of a drive for dollar liquidity, the Fed should be able to address that problem. Before the week ending September 17th, the Fed was not, in fact,…
Australia guarantees bank deposits for three years
This comes from the Sydney Morning Herald. I will have a comment on this post later today.UPDATE: combined with the news out of the EU regarding bank backstops and interbank guarantees, the news from Australia is now being greeted quite…
Quote of the day: Michael Douglas as Gordon Gekko
Ben Bernanke and Alan Greenspan have been the worst monetary stewards in U.S. Federal Reserve history. A former Fed Chairman William McChesney Martin Jr. once said it was the Fed's job "to take away the punch bowl just as the party gets…
Lehman Brothers: a primer on Credit Default Swaps
Given the historic nature of the Lehman Brothers bankruptcy, it bears explaining how the credit default swaps market work and why it matters.
Where is the global economy headed?
At this stage in the financial crisis, it is difficult to discern exactly where things are headed. However, let me give a general road map of how I see things shaping up.The credit crisis started in August 2007 as a result of the dual…
FDIC: Two Friday night special bankruptcies
They did it again. The FDIC closed down two banks on Friday night after the market had closed. The two bans in question are Meridian Bank of Eldred, Illinois and Main Street Bank of Northville, Michigan. As always seems the case for the…
Picture of the day: consumers and the economy
Tom Toles is absolutely terrific. He captures the mood of the day so well in his cartoons, that it really puts paid to the aphorism that a picture is worth a thousand words.SourceTom Toles Cartoons, Washington Post
Do You Really Want To Hurt Me?
Look, the markets were really ugly this week. But, at a minimum, we avoided the worst on Friday. In the end, we can live in a constant reality of fear and loathing.... or we can escape and relax. Everybody needs a little escape now and…
Jeremy Grantham: “Keep telling yourself… you’re a long-term investor”
Jeremy Grantham has seen this crash coming for quite some time. Nevertheless, he is not selling everything and waiting out the market in Kruggerrands and cash. has kept a good long-term perspective about investing that bears repeating here.…