Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:26 am EDT -
Sinking Animal Spirits
Apr 27 20098:45 am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:00 am EDT -
Be Your Own Counterfeiter
Apr 26 20099:36 am EDT -
Being Tim Geithner
Apr 25 200912:37 pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:41 am EDT -
What Good is the News?
Apr 25 20098:32 am EDT -
Stressful Enough
Apr 24 20092:29 pm EDT -
Not Regretting the Pound
Apr 24 20091:09 pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:47 am 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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