What QE3 could look like
Unfortunately, the US economy has weakened somewhat and so the speculation about QE3 has gathered apace. Let me say a few words on this topic here.
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Browsing Tag
local government
Spain: Debt Problems Worse Because of Local Government
The change of power on the regional level is important in Spain because of their relative fiscal autonomy. Regions control spending on health care and education and account for half of government employees. They have an outstanding debt of…
Are Michigan and Illinois like Greece and Ireland?
Systemic risk is not driven by close macro integration. If this were the case, US states would have far higher exposure to systemic credit risk. Instead, systemic exposure is very high for European sovereigns. The roots of systemic risk lie…
Is China’s hard landing already happening?
If China does continue to tighten to fight inflation as I also indicated I expect they will, the hard landing scenario is definitely something to consider. Early evidence shows that the property bubble is coming off the boil. But it is…
Steve Waldman on the futility of blogging and the monopoly of lobbyists in policy making
This is really motivated by being incredibly frustrated with what happened a couple of years ago. Obviously there was a financial crisis; that's not what frustrated me. I am one of the naysayers who was not at all surprised there was a…
Ignorance and Opportunity
Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009) and "The Coming Collapse of the Municipal Bond…
The Exponentiality of Municipal Costs (and Some Advice for Endowments and Foundations)
The pension costs of states and municipalities in years hence are often stated in a calculation of future liabilities. For instance, the future obligations of state and municipal pension funds are calculated (in frequently cited studies) at…
Jeffrey Gundlach cautious on High Yield, also sees Munis 15-20% lower
Jeff Gundlach, a well known bond manager and DoubleLine Capital CEO, was on CNBC today talking about munis and high yield, two bond asset classes that have been moving in different directions of late. He was cautious on both classes saying…
A Municipal Score Card
Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009). Meredith Whitney has kicked up a storm with her 600-page,…
Kyle Bass: At municipal level, it’s “open season for defaults”
Kyle Bass doesn't believe that the bloodletting in the muni market we have seen so far is enough to warrant taking on the increased credit risk that municipal bonds now have. Bass, who is a principal at the hedge fund Hayman Capital…