Recent Blog Posts
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The Year in Research
Dec 31 20089:13 am EDT -
Mind Your Value Judgements
Dec 19 20087:52 pm EDT -
S.E.C. Short-Sale Ban: Pretty Much Useless
Dec 19 20083:45 pm EDT -
Advice from Japan: Don't Forget TARP 1
Dec 19 20082:31 pm EDT -
Chart of the Day: Money Market Stress Easing
Dec 18 20088:57 pm EDT -
House Price Bubble Deflated?
Dec 18 20085:57 pm EDT -
Where Were the Whistleblowers?
Dec 16 200811:03 pm EDT -
It's Just a Recession
Dec 13 200810:20 pm EDT -
Comparing American and European Unemployment Insurance
Dec 12 20087:46 pm EDT -
Back to Normal?
Dec 11 20084:33 pm EDT
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Can the PDCF Save Lehman?
Despite the hurricane surrounding Lehman Bros., the bank has yet to use the Fed's Primary Dealer Credit Facility as of yesterday to acquire funds.
The latest Federal Reserve data shows that no banks have borrowed from the facility in the last week. The PDCF was set up in the aftermath of the Bear Stearns Collapse in March. According to Bloomberg, the PDCF has remained untapped in seven out of the last nine weeks.
The WSJ's MarketBeat blog explains that Lehman's liquidity position is in better shape now than Bear's was in March.
Still, some critics of the Bear bailout have said that the existence of the PDCF would have saved that bank. This "liquidity backstop" theory is being put to the test.
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