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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
Apr 27 20098:04am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
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Credit Market Quote of the Day
An anonymous London credit hedge fund manager, quoted in the FT:
"Every time you buy anything it is worth less the next day. Eventually you stop buying."
In theory, hedge funds, with their cash lock-ups and their higher risk appetites, should be first on the scene with rescue liquidity in the event of a credit crisis. But hedge funds mark to market every day, and if Fannie Mae bonds widen from 200bp over to 220bp over, that means investors are losing money, even if the bonds are a screaming buy at 200bp over. Which is why this crisis is going to take some time to resolve.
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