MMT is a Political Problem: Part 1
How should MMT proponents advance their views?
Read more...Category Archives: Banking industry
Banks and Landlords Have To Pick Up the Costs of the Pandemic To Come to Forestall a Depression
Why banks and landlords (and the health care industry) need to pay their share of coronavirus costs.
Read more...Coronavirus: Bracing for the Economic Shockwave
The coronavirus spread is setting up a nasty real economy-financial system contraction.
Read more...Wolf Richter: Subprime Credit Card Delinquencies Spike to Record High, Past Financial-Crisis Peak, as Other Consumers Relish the Good Times. Why?
The concern is not for banks or investors in subprime-credit-card backed securities. But what does this bifurcation tell us about consumers?
Read more...HSBC Announces Mass Job Cuts, Huge Write-Down, Asset Sales, Halt of Share Buybacks. Warns of Coronavirus Impact on Credit Losses & Revenues in China & Hong Kong
Once storied, now sprawling TBTF HSBC has started a big retrenchment in the face of mounting business woes. Is it the canary in the coal mine?
Read more...Climate Risks to European Banks: A New Era of Stress Tests
Several European central banks have begun assessing the impact of adverse climate scenarios on banks’ capital. Comparable work at EU or euro area level has evolved more slowly. Supervisors need build up a distinct and more complex type of analysis, and should engage with banks now.
Read more...Foreign Exchange Swaps: Hidden Debt, Lurking Vulnerability
How hidden foreign exchange swaps contribute to financial fragility.
Read more...Subprime Auto Loans Explode, “Serious Delinquencies” Spike to Record. But There’s No Jobs Crisis, These Are the Good Times
Nearly a quarter of all subprime auto loans are 90+ days delinquent. Why?
Read more...Iraq Is on the Brink of an Energy Crisis
A case study of the struggle for influence in Iraq.
Read more...WSJ Reports: State AGs to Cooperate with Feds to Take on Google?
State AGs to meet with DoJ to discuss cooperating in their respective probes into alleged anti-competitive behavior by Google. Will enforcement actions follow? Time will tell.
Read more...Another Great Depression or Tax Justice and Transparency? The Tax Justice Network January 2020 Podcast
TaxCast ranges well beyond tax today, with topics including IMF warnings, the Brexit rogue UK vision, and looting in Angola.
Read more...War on Cash: New York City Businesses Must Accept Cash, City Council Decides
New York City Council passes legislation requiring businesses to accept cash to take effect nine months after signing by mayor Bill DiBlasio.
Read more...While Establishment Erupts Over Anti-Corruption Expert Pointing Out Biden’s Troubling Record, Progressives Say: Look at the Troubling Record
Why discussion of Biden’s corruption should not be off limits in the Dem primary contest; Trump will raise these issues in the general.
Read more...Credit Cycles and Asset Returns
Yves here. I’m clearly not in touch. I am surprised that this finding, that credit booms predict equity busts, is novel. Of course, given that manias last way longer than cooler heads deem possible, judging the peak of a credit cycle is tricky business. Nevertheless, when a wee summer associate at bond trading powerhouse Salomon […]
Read more...Wolf Richter: How Ratings Agencies Inflate Credit Ratings to Get Deals & Fees
Haven’t we already seen this movie? Race to the bottom in gaming credit ratings agencies for commercial real estate Collateralized Loan Obligation deals.
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