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Markets

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The Credit Bubble Bulletin

Nov 24, 2000 at 00:00

We said in a prior missive that the players had learned that it made sense to "engineer" credit so that it required no lender capital, reserves or regulatory scrutiny. To…

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'U.S. High-Yield Lending...'

Nov 17, 2000 at 00:00

In the contemporary environment where money is little more than electronic IOUs (liabilities) from financial institutions and intermediaries, I believe a more applicable law would hold that bad lending drives…

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Monetary Processes and Current Vulnerabilities

Nov 10, 2000 at 00:00

It is our basic premise that the U.S. monetary system (as well as global) is both fundamentally and severely flawed, and that an extremely unstable system again finds itself acutely…

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Financial Dysfunctions

Nov 03, 2000 at 00:00

As I have written previously, it is my view that we are at the precipice of a financial and economic crisis unlike anything seen in this country since the collapse…

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Mehrling on Minsky

Oct 27, 2000 at 00:00

Peter Mehrling's paper describes how Minsky was an institutionalist and, critically, how the economy was monetary in character. The key is to focus on individual economic units companies, individual households,…

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Here We Go Again...

Oct 20, 2000 at 00:00

With negative news from super-heavyweights IBM and Chase Manhattan, in addition to a collapsing junk bond market and faltering stocks and currencies throughout Asia, as well as globally, Wednesday was…

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Liquidity

Oct 13, 2000 at 00:00

Unsettled conditions dominate the credit market as well, as unfolding financial dislocation and a crisis in the Middle East fostered a major stampede into Treasury securities. For the week, 2-year…

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Accolades to the Unknown Inquisitor

Oct 06, 2000 at 00:00

Not only do we disagree completely with his focus on the New Paradigm, we are rather astounded that the Dallas Federal Reserve's website so propagandizes the New Economy. This is…

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A Tale of Two Bubbles

Sep 29, 2000 at 00:00

Not unexpectedly, the stock market turned even more chaotic this week, with the technology sector being the wildest of rides. For the week, the Dow dropped just under 2% and…

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The Facade of a Sound and Stable Prosperity

Sep 22, 2000 at 00:00

What a week. And for anyone that is tempted to downplay the extraordinary nature of the current environment, keep in mind that the President of the United States this afternoon…