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(In) Securitization

August 24, 2007
The meltdown in the alphabet soup of the derivatives market—from ABCP and CDOs to RMBS and CDS—has given rise to concerns that the problem is systemic to these kinds of financial products. No less than Warren Buffet, one of the most successful investors of our generation has called derivatives “financial weapons of mass destruction”. Given the eve…
(In) Securitization (In) Securitization Reviewed by magonomics on August 24, 2007 Rating: 5
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Moral Hazard on Main Street and Wall Street

August 17, 2007
The Federal Reserve has taken several steps up a policy escalation ladder to address the turmoil in the capital markets. It has allowed the Fed funds rate to deviate sharply from its target, and has created conditions that have allowed an approximate five-fold increase in excess reserves of the banking system.
The Federal Reserve took additional s…
Moral Hazard on Main Street and Wall Street Moral Hazard on Main Street and Wall Street Reviewed by magonomics on August 17, 2007 Rating: 5
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Moral Hazard on Main and Wall Street

August 17, 2007
The Federal Reserve has taken several steps up a policy escalation ladder to address the turmoil in the capital markets. It has allowed the Fed funds rate to deviate sharply from its target, and has created conditions that have allowed an approximate five-fold increase in excess reserves of the banking system.
Moral Hazard on Main and Wall Street Moral Hazard on Main and Wall Street Reviewed by magonomics on August 17, 2007 Rating: 5
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China and the Dollar, Thunder but no Rain

August 10, 2007
Only the suggestion that China could use its vast US dollar holdings to influence American policy managed to rival the dramatic developments in the capital markets for the attention of investors and the media. Of all the things that investors and policy makers have to worry about, China’s dollar holdings should keep any one up at night.
China and the Dollar, Thunder but no Rain China and the Dollar, Thunder but no Rain Reviewed by magonomics on August 10, 2007 Rating: 5
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The Long and Short of It: Outlook for the Dollar

August 08, 2007
The US multi-year down trend is over. The process we described as “carving out a bottom” has been completed. Recent days have been a watershed, but it has been a long time in the making. The dollar bottomed against the British pound and Canadian dollar (half of the G7 currencies) last November, as the Federal Reserve expanded its lending facilitie…
The Long and Short of It: Outlook for the Dollar The Long and Short of It: Outlook for the Dollar Reviewed by magonomics on August 08, 2007 Rating: 5
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Upper House Elections in Japan and the Yen

July 26, 2007
Japan goes to the polls on July 29 to elect half of the upper chamber of the Diet called the House of Councilors. The Liberal Democrat Party, the main political party in Japan, with the New Komeito Party, is unlikely to hold on to their slim majority. However, barring a horrific showing which forces the LDP to dissolve the lower house and call for…
Upper House Elections in Japan and the Yen Upper House Elections in Japan and the Yen Reviewed by magonomics on July 26, 2007 Rating: 5
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What it Takes for the Dollar to Recover

July 20, 2007
Clearly any recovery in the dollar requires someone to buy it. It may be a worthwhile exercise to consider who would buy the dollar. Among short-term players, using the IMM Commitment of Traders, anecdotal and proprietary data, speculators have amassed a large short dollar position. The net short US dollar positions in the futures market stand nea…
What it Takes for the Dollar to Recover What it Takes for the Dollar to Recover Reviewed by magonomics on July 20, 2007 Rating: 5
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The Word is Resilience

July 13, 2007
Even with the disappointing US June retail sales report, the take away point from recent developments is the all-round resilience of everything, but the US dollar.
The Word is Resilience The Word is Resilience Reviewed by magonomics on July 13, 2007 Rating: 5
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The Rise of Retail

July 06, 2007
The global capital markets are usually understood to be the domain of large pools of capital and institutions. Mergers and acquisitions are increasing the consolidation and concentration in the financial sector. While this is clearly one theme, there is a second one that runs in the opposite direction. For various reasons, there has been an increa…
The Rise of Retail The Rise of Retail Reviewed by magonomics on July 06, 2007 Rating: 5
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