Monthly Archive:: November 2008

Tresury credit default swaps soar

[Skip to the end] >    >   On Wed, Nov 26, 2008 at 11:31 PM, Scott wrote: >    >   FYI. More insanity. Love it when the guy asks where the money comes >   from. What are your thoughts on selling CDS on Tsy’s? >    I’d sell it! I also suggested the Fed sell it. They seemed ...Read More

The Great Roubini

[Skip to the end] Yes, he’s been calling for an economic collapse, that began in July. But looks like yet another case of ‘better lucky than good’ as he here demonstrates a lack of understanding of monetary and fiscal policy. Roubini: Policies will lead to “much higher real interest rates on public ...Read More

2008-11-28 USER

[Skip to the end] NAPM Milwaukee (Released 10:00 EST) NAPM Milwaukee (Nov) Survey n/a Actual 35.0 Prior 42.0 Revised n/a [top] ...Read More

Response to former EuroCom staffer

[Skip to the end] Dear all- As one of the European Commission staff members responsible for macroeconomic analysis in the late 1970s and the 1980s, I am among the “depositaires de la mémoire collective”. So it may not surprising that the emerging pressure for a huge fiscal stimulus on top of the ...Read More

Review of today’s government actions

[Skip to the end] Two ‘bailouts’ today, the Fed asset purchase program and Citibank: Comments on the asset purchase program: Major theme- the answer to the housing and automobile issue is consumers with enough income to be able to afford their mortgage payments and car payments along with expanding employment prospects to ...Read More

Orszag again

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New Fed securities purchases

[Skip to the end] I like this part, after all the criticism of lenders who relied on credit agency ratings: “Each month, the Fed will auction off a fixed amount of one-year loans based on competitive bids to borrowers who will use the loans to purchase newly- or recently-issued AAA-rated consumer and ...Read More

2008-11-26 USER

[Skip to the end] MBA Mortgage Applications (Released 7:00 EST) MBA Purchasing Applications (Released 7:00 EST) MBA Refinancing Applications (Released 7:00 EST) Durable Goods Orders (Released 8:30 EST) Durable Goods Orders YoY (Released 8:30 EST) Durables Ex Transportation MoM (Released 8:30 EST) Durables Ex Defense MoM (Released 8:30 EST) Durable Goods ALLX ...Read More

Re: Government support for GSE assets and debt

[Skip to the end] Yes, the Fed is the agency that’s set up to buy financial assets, not the treasury as per the TARP. They got that one wrong, this one right, in that respect. Of course, no excuse not doing this a year ago- more evidence of a failure to grasp ...Read More

Re: Orszag to head OMB

[Skip to the end] (email exhange) Hopefully it’s something like 3 steps forward and only 1 or 2 steps back… >    >   On Tue, Nov 25, 2008 at 1:29 AM, Scott wrote: >    >   Looks like Orszag’s the man to get the long run budget “under control” >   and this is why Obama waited till ...Read More