rcwhalen's blog
Don't Cry for the Shareholders of Fannie Mae and Freddie Mac
Submitted by rcwhalen on 02/17/2014 10:20 -0500Is the Treasury's rescue of Fannie Mae and Freddie Mac unfair to private shareholders? Yup. And they deserve it.
Six Questions for Federal Reserve "Chair" Janet Yellen
Submitted by rcwhalen on 02/11/2014 00:27 -0500- AIG
- Bank of America
- Bank of America
- Bank of New York
- Bear Stearns
- Ben Bernanke
- Ben Bernanke
- Bond
- Countrywide
- Daniel Tarullo
- Debt Ceiling
- default
- Discount Window
- ETC
- Fail
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- Florida
- Housing Market
- Janet Yellen
- Monetary Policy
- Money Supply
- NASDAQ
- Neo-Keynesian
- None
- Quantitative Easing
- Real estate
- Reality
- recovery
- Repo Market
- WaMu
- Washington Mutual
- White House
We at the Fed are the platonic guardians of the global financial system. And our logic is undeniable….
Is the Housing Sector a Drag on the US Economy?
Submitted by rcwhalen on 01/30/2014 19:10 -0500If a third of all US homes cannot trade due to being underwater or not sufficiently above water to clear closing costs, then the US economy is going to suffer
Ode to Warren Harding: Q4 2013 Earnings & the End of Normalcy
Submitted by rcwhalen on 01/27/2014 05:53 -0500Selling hope, after all, is the stock and trade of the Sell Side. But we all need to take a step back and ask ourselves just where we stand on the proverbial economic timeline...
Are Large Cap Banks Ready to "Break Out?"
Submitted by rcwhalen on 01/05/2014 11:39 -0500Bottom line for financials is that 2014 is looking to be a tough year, even if the Sell Side wants to believe that growing earnings is still possible on flat revenue
Nom de Plumber | Volcker Rule Implementation: Mission Impossible?
Submitted by rcwhalen on 01/01/2014 10:24 -0500Because infinite permutations of risk factor movements can cause a specific asset price movement, no definitive anchor points will arise to bootstrap that mandated P&L attribution
Paul Volcker, Dodd-Frank and the Cult of Personality
Submitted by rcwhalen on 12/10/2013 09:14 -0500- Ben Bernanke
- Ben Bernanke
- Bond
- Charles Bowsher
- Citigroup
- Cohen
- Commercial Paper
- Countrywide
- Enron
- Fail
- Federal Reserve
- Financial Regulation
- Glass Steagall
- Great Depression
- Lehman
- Lehman Brothers
- Milton Friedman
- New York Times
- Paul Volcker
- recovery
- Reuters
- Sears
- Securities Fraud
- Volatility
- Washington Mutual
- WorldCom
“The only thing we have to fear is fear itself.”
Bagehot & Deflation: Interview with David Kotok
Submitted by rcwhalen on 12/02/2013 06:55 -0500- Bank of New York
- Ben Bernanke
- Ben Bernanke
- Bond
- Budget Deficit
- Case-Shiller
- Central Banks
- CRAP
- Discount Window
- Equity Markets
- Excess Reserves
- Fail
- Fed Funds Target
- Federal Deposit Insurance Corporation
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- Housing Market
- Janet Yellen
- Japan
- Lehman
- Lehman Brothers
- Merrill
- Merrill Lynch
- Monetary Policy
- Money Supply
- Moral Hazard
- Neo-Keynesian
- Quantitative Easing
- Rate of Change
- Recession
- recovery
Just as in the 1930s the Fed fueled deflation by not making credit available, today the opposite seems to be the case – low rates are fueling deflation and preventing markets from clearing.
Default, Deflation and Financial Repression
Submitted by rcwhalen on 11/28/2013 22:45 -0500There is no free lunch. Either we kill growth via financial repression of savers or we embrace the painful process of debt restructuring for the major industrial nations.
Q3 Earnings Roundup: Banks, Non-Banks and the FOMC
Submitted by rcwhalen on 11/13/2013 09:13 -0500- Annaly Capital
- BAC
- Bank of America
- Bank of America
- Carlyle
- CIT Group
- default
- Equity Markets
- Federal Reserve
- fixed
- Janet Yellen
- JPMorgan Chase
- Market Share
- Monetary Policy
- Mortgage Backed Securities
- Mortgage Industry
- Mortgage Loans
- None
- Quantitative Easing
- Real estate
- Regions Financial
- REITs
- Volatility
- Wells Fargo
Q3 earnings for financials show that the interest rate risk created by the Fed after years of zero rates is very real indeed
Debt Deflation and the Illusion of Wealth
Submitted by rcwhalen on 11/06/2013 07:44 -0500Are we all wealthier because the Dow is at ~ 15,000? Should Katee Sackhoff be the next Fed Chairman?
Shall We All be Surprised by JPMorgan, Wells Fargo Earnings?
Submitted by rcwhalen on 10/09/2013 13:51 -0500So are you going to be among the few, the proud, the surprised Sell Side analysts?
Q3 2013 Earnings\Financials: The Party is Over
Submitted by rcwhalen on 09/26/2013 06:01 -0500When we actually start the Q3 earnings cycle for financials, watch for the word “surprise” in a lot of news reports and analyst opinions
Mortgage Market Slump: Is it Interest Rates or Jobs and Consumer Income?
Submitted by rcwhalen on 09/12/2013 11:00 -0500Investors need to stop listening to the happy talk coming from the economists, and start focusing on what banks and other lenders are saying and doing operationally to adjust for the mortgage market of 2014 and beyond.
David Kotok: Reflection on 9/11
Submitted by rcwhalen on 09/11/2013 08:34 -0500A dozen years have passed. Memory doesn't fade. In some ways, the events remain as vivid today as they were that September morning.
