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The Year in Research
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Mind Your Value Judgements
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Chart of the Day: Money Market Stress Easing
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Nov 25 2008 3:27pm EDT
Chart of the Day
Interest rates on 30-day commercial paper. A2/P2 is the rating given by credit agencies to the least prime -- but still above junk -- paper:
Chart is adapted from a recent presentation by University of Chicago's John Cochrane where he says that the death of the securitized lending system, aka the shadow banking system, may be a good thing:
Many investors thought they were getting 50 basis points at no risk, whereas in fact what they were holding was securitized debt and there was risk. It would be much better not to pretend that there's magic alpha.
