rcwhalen's blog

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Global Deflation & Credit Spreads





The results of the latest FOMC meeting confirm that most of the media and investor communities don't get the joke on Fed policy since the crisis.  No change in '15

 
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Central Banks, Credit Expansion, and the Importance of Being Impatient





QE makes sense only from a Keynesian/socialist perspective and ignores the long-term cost of low interest rate policies to individual investors and financial institutions.

 
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Fred Feldkamp on Fraud and True Sale





Fraud grows in good times because rescission is rarely sought (or granted) when asset values rise. Fraud is not a problem, till it is.

 
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Swiss Francs & Global Debt Deflation





"There will first be a pernicious excitement, and next a fatal collapse." -- Walter Bagehot, Lombard Street (1844)

 
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Q4 2014 Large Bank Earnings Preview: Growth Amidst Deflation





Q: What is the fastest growing asset class at US banks? Leveraged loans? US Treasury debt? A: Reserves deposited at the Fed.

 
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Outlook 2015: Deflation Remains the Dominant Theme





Deflation and the attendant risks caused by a sudden revelation about hidden debts will remain the chief concern for investors and policy makers in 2015

 
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David Kotok: James A. Lebenthal (June 22, 1928-November 14, 2014)





Our industry has lost a legacy creator. May he Rest in Peace.

 
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KBRA: Q3 2014 Large Bank Earnings Preview: In Search of Normalcy





The best performer among the top-five US banks is U.S. Bancorp (NYSE:USB) and by a wide margin... 

 
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The Puerto Rico Electric Power Authority (PREPA) Bond: Nondisclosure Agreement Creates Two Classes of Bondholders





Suddenly, we now have a new class: those bondholders who are under the NDA versus those who are not.

 
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KBRA Q2 2014 Bank Earnings Preview & The “Bernanke Shokku"





FDIC: “the largest positive contribution to the year-over-year change in earnings came from reduced loan-loss provisions..."

 
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Roger Kubarych: Talking Points on Energy





Energy security is not synonymous with energy independence.

 
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In "Flash Boys," Michael Lewis Misses the Point -- Deliberately





“Flash Boys” is a book written for Hollywood instead of the history books or policy makers.  Stay tuned for the movie.  

 
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Detroit Bankruptcy: U Turn by Michael Comes





After tens of millions in legal fees, a river of negative press, and ripple effects to other local municipalities, we have U-turned and are back to where we started.

 
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