Monthly Archive:: September 2008

Statement of Senator Obama on moving financial legislation forward

[Skip to the end] Statement of Senator Obama on Moving Financial Legislation Forward Yesterday, within the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades. Might have been worse if they had passed ...Read More

Re: Mosler plan, short version

[Skip to the end] >    >   Warren, >   I like adding the tax holiday. >    Thanks, we were all pushing that as a better alternative than the Bush tax cut plan 5 or so years ago. While not as constructive as, for example, an infrastructure project, and likely to drive up energy consumption, it ...Read More

Mosler Plan, short version

[Skip to the end] Short version updated for current events. If you agree, please distribute, including your Congressman, Fed officials, FDIC contacts, etc. Have the FDIC remove the $100,000 cap on deposits and extend insurance coverage to include Fed deposits at member banks. Have the Fed set 1 month, 2 month, and ...Read More

Telegraph: Eurozone risks

[Skip to the end] Highlights are in yellow. Problem is it needs a fiscal response, and this all has nothing to do with interest rates. Banking crash hits Europe as ECB loses traction by Ambrose Evans-Pritchard (Telegraph) Analysts say German finance minister Peer Steinbrueck may have spoken too soon when he crowed ...Read More

2008-09-30 USER

[Skip to the end] ICSC UBS Store Sales YoY (Released 7:45 EST) ICSC UBS Store Sales WoW (Released 7:45 EST) Redbook Store Sales Weekly YoY (Released 8:55 EST) Redbook Store Sales MoM (Released 8:55 EST) ICSC UBS Redbook Comparison TABLE (Released 8:55 EST) S&P CS Composite 20 YoY (Released 9:00 EST) S&P ...Read More

Time for a payroll tax holiday

[Skip to the end] Time for something they can all understand that would turn it all around like it never happened: a payroll tax holiday until the economy recovers. It favors lower income workers. It’s an immediate add to aggregate demand of over 3% per year annualized. It lowers costs for businesses ...Read More

Can the euro payments system last the week?

[Skip to the end] Euro equities and banks are now under attack, and the ECB is effectively borrowing hundreds of billions USD from the Fed via swap lines. The eurozone deposit insurance is by the national governments, not the ECN, which are credit constrained. National government euro bonds have been supported by ...Read More

Elaboration on the Mosler Plan

[Skip to the end] The combination of removing the FDIC cap and extending FDIC insurance to include Fed deposits at member banks will normalize bank liquidity instantly, and at no ‘cost’ to government, by removing these ‘self-imposed constraints’ on bank liquidity that serve no function beyond contributing to the current liquidity crisis. ...Read More

Re: Fed goes ballistic

[Skip to the end] (email exchange) >    >   This morning the Fed announced a massive expansion of its dollar liquidity >   facilities. Three measures were announced: (1) an increase in total TAF >   auctions from $150 billion to $300 billion, all coming in 84-day funds (2) >   forward TAF auctions of an additional $150 billion, with ...Read More

2008-09-29 Weekly Credit Graph Packet

[Skip to the end] Holding at very wide, distressed levels. IG On the Run Spreads (Released 5:02 EST) IG6 Spreads (Released 5:02 EST) IG7 Spreads (Released 5:02 EST) IG8 Spreads (Released 5:02 EST) IG9 Spreads (Released 5:02 EST) IG On the Run Spreads (Sep 29) [top][end] IG6 Spreads (Sep 29) [top][end] IG7 ...Read More