tag:blogger.com,1999:blog-7830309662303835973.comments2023-10-24T08:51:22.863-07:00Calculated ExuberanceUnknownnoreply@blogger.comBlogger144125tag:blogger.com,1999:blog-7830309662303835973.post-90448048543483152772015-02-26T21:56:57.835-08:002015-02-26T21:56:57.835-08:00Nice to read about repo market. One quality of a b...Nice to read about repo market. One quality of a bank which is most desirable should always be a fraud free environment. It helps the customer to have trust and loyalty towards the banks. Thank you for article. I really loved the blog post. <br /><br />Regards,<br />Apoorva<br />HCBL Bank - <a href="http://hcbl.in/" rel="nofollow">Tathastu</a><br />Anonymoushttps://www.blogger.com/profile/01628870659549741190noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-55420628601620658952013-10-26T00:36:20.891-07:002013-10-26T00:36:20.891-07:00hitler had a decent stimulus, it just lead to seve...hitler had a decent stimulus, it just lead to severe debt problems by the late 30s. his generals basically told him if he didn't start the war the economy would collapse.asdfhttps://www.blogger.com/profile/03025714685907364195noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-68597826582257719292013-10-24T01:52:33.529-07:002013-10-24T01:52:33.529-07:00I am Kanika Agarwal. I am doing a job in real esta...I am Kanika Agarwal. I am doing a job in real estate company. Few months ago our office location is noida sector 62. After that my company relocate in business centre noida. It is a corporate office space. It is fully furnished, air conditioned etc. when I asked my boss how you find this location, then he told me that, a real estate company your office space provides the space in <a href="http://www.yourofficespace.in/" rel="nofollow">Business Centre Noida </a>. Thanks to your office space to provide such a corporate office.Anonymoushttps://www.blogger.com/profile/03315024793516871513noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-42137326739533312742013-09-16T21:51:31.310-07:002013-09-16T21:51:31.310-07:00Bankruptcy is really a last resort, and only you k...<a href="http://freshstartsolutions.com.au/bankruptcy" rel="nofollow">Bankruptcy</a> is really a last resort, and only you know whether you need to go this route<br />Anonymoushttps://www.blogger.com/profile/12500902498273801149noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-57735694518599022082013-02-25T17:17:29.007-08:002013-02-25T17:17:29.007-08:00You provide a great and valuable advice with regar...You provide a great and valuable advice with regards to mortgage. I am impressed with your ideas. Thank you.<br /><br /><a href="http://www.lalegal.ca/" rel="nofollow">mortgage loan modification</a>brycecanyonhorsebackhttps://www.blogger.com/profile/05998746244941415858noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-49280555108684171142013-02-18T04:38:55.745-08:002013-02-18T04:38:55.745-08:00Taxes are essential to every business man.Tax prep...Taxes are essential to every business man.Tax preparation is not simple or easy.There are various company that provide payroll tax services.Just contact them.<br /><a href="http://www.indigo-payrollservices.co.uk" rel="nofollow">Payroll Services</a><br /><br />Anonymoushttps://www.blogger.com/profile/04037055717973671267noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-54654699821064568272013-01-23T01:06:11.316-08:002013-01-23T01:06:11.316-08:00All the information is very good on this website. ...All the information is very good on this website. Keep up the good work.<br /><br /><a href="http://www.lalegal.ca/" rel="nofollow">california loan modification</a>brycecanyonhorsebackhttps://www.blogger.com/profile/05998746244941415858noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-23157588279871653092013-01-23T00:58:40.462-08:002013-01-23T00:58:40.462-08:00Mortgage modification is becoming increasingly com...Mortgage modification is becoming increasingly common in light of today's tough economic climate. <br /><br /><a href="http://www.lalegal.ca/" rel="nofollow">mortgage loan modification</a>brycecanyonhorsebackhttps://www.blogger.com/profile/05998746244941415858noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-62931410023160857152012-11-18T19:53:54.401-08:002012-11-18T19:53:54.401-08:00At loan modification program california, we unders...At loan modification program california, we understand the stress of dealing with foreclosure. That's why we put our best effort into helping our clients and help them every step of the way. We will keep you fully informed of your options, and we'll follow up consistently to make sure you get the best loan modification deal. <br /><br /><a href="http://www.lalegal.ca/" rel="nofollow">loan modification program california</a>brycecanyonhorsebackhttps://www.blogger.com/profile/05998746244941415858noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-597887150954841942012-11-15T21:53:26.543-08:002012-11-15T21:53:26.543-08:00Now, with the Obama administration's mortgage ...Now, with the Obama administration's mortgage loan modification program, homeowners can stop foreclosure proceedings, renegotiate the terms of their home loan, and keep the house they worked so hard to get.<br /><br /><a href="http://www.lalegal.ca/" rel="nofollow">obama loan modification california</a>brycecanyonhorsebackhttps://www.blogger.com/profile/05998746244941415858noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-41526023966488483062012-09-20T03:12:55.407-07:002012-09-20T03:12:55.407-07:00Refinancing a mortgage means paying off an existin...Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many common reasons why homeowners refinance: The opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home's equity in order to finance a large purchase; and the desire to consolidate debt.<br /><br /><a href="http://www.mortgageadvicebureau.com/buy-to-let-mortgage/" rel="nofollow">Click here</a> to get buy to let mortgage advicetakeshi007https://www.blogger.com/profile/08768241597586132170noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-56543672186446772272012-02-14T03:32:08.151-08:002012-02-14T03:32:08.151-08:00Virtually no evidence exists that empirically subs...Virtually no evidence exists that empirically substantiates the Lucas critique. Empirical refutation of the Lucas critique by using tests of super exogeneity is illustrated with U.K. money demand.<br /><br /><a href="http://businessloans.doobizz.com/bank-loans-2/2011/12/relationship-banking/556/" rel="nofollow">Relationship Banking</a>Michellehttps://www.blogger.com/profile/16642319333299649490noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-50399077463775507052011-12-29T22:25:11.108-08:002011-12-29T22:25:11.108-08:00Hi Arpit --
When you say "Even if households...Hi Arpit -- <br />When you say "Even if households had good reason to save more; it’s not obvious that lower household consumption would necessarily lead to lower aggregate output, so long as the banks and creditors receiving those payments went out and lent the money." <br /><br />This makes sense in normal times when other households/corporates are willing to borrow that money. In the current situation, where BOTH households and corporates are delevering at the same time, the only entity that can borrow this money is the Government (thus financing fiscal stimulus). The other argument in this favor is the cost of credit intermediation argument by Bernanke which looks at the same thing from the banks POV. Either way, the conclusion is that banks are unable or unwilling to lend, and no amount of monetary policy is going to change that significantly.<br /><br />About the distinction between Richard Koo and Krugman views, they both agree on the exact issue we face (referred to as a 'balance sheet recession') and Krugman has mentioned repeatedly that we are indeed in a liquidity trap. The difference between their views is subtle, in that Krugman thinks stimulative monetary policy (QE etc) can keep inflation expectations high and therefore real rates low (or negative) thus washing away the debt burden -- based on a recent presentation by Richard Koo, he does not disagree with this view.Ankit Sahnihttps://www.blogger.com/profile/09813801403686469599noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-26573561076276758152011-08-15T23:41:42.278-07:002011-08-15T23:41:42.278-07:00Got it - updated the post to reflect that. Always ...Got it - updated the post to reflect that. Always happy to learn new things. <br /><br />That twitter exchange is interesting too -- I'd be interested to see your thoughts on this at greater depth. Your position seems pretty reasonable.Thorfinnhttps://www.blogger.com/profile/00821884421437850613noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-81066092220271607512011-08-15T21:54:44.397-07:002011-08-15T21:54:44.397-07:00Arpit -- There are two distinct issues. I've b...Arpit -- There are two distinct issues. I've been arguing with Avik re carried interest over Twitter, but that's a different thing for the 60/40 LT/ST split on futures trades.<br /><br />As an individual futures trader, with no partnership interest, "sweat equity", whatever, involved, futures trades get reported specially, and gains are automatically taxed at a mixed short-term/long-term rate. I don't think Avik and I will disagree on this one; it's just a fact of US tax law. (It's on my mind, because i've been misreporting futures trades under Schedule D, and have been working with accountants to amend my returns.) <br /><br />The justification for the mixed treatment of futures is straightforward. Suppose I want to own the S&P 500 via futures. I buy a three-month futures contract. After two months, I sell that contract and replace it with a new, three-month forward contract. I do that over a period of 5 years. Economically, my risk position is (almost) equivalent to owning the S&P basket of stocks for 5 years. But I have never held any one contract for more than 3 months! Short-term tax treatment seems wrong. Applying long-term capgains to a 3-month contract also seems wrong. The IRS could ask traders to prove that they are rolling positions forward to substantially maintain economic exposure if they want LTCG rate, but that would be cumbersome and vulnerable to a variety of manipulations e.g. to defer gains. So, they've adopted a simple rule: they assume futures traders are 60% rolling long-term positions and 40% trading short-term positions. See e.g. http://www.futuresindustry.org/6040-tax-treatment.asp (btw, it is sec 1256 contracts, not 1254 as i wrote above. sorry!)Steve Randy Waldmanhttps://www.blogger.com/profile/03349132252100069936noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-74309935333306582102011-08-15T19:06:10.505-07:002011-08-15T19:06:10.505-07:00Thanks for commenting -- I'm judging from Avik...Thanks for commenting -- I'm judging from Avik Roy's thoughts. What I got from that was that fund capital gains are treated as gains to the managers, and taxed as capital gains at the relevant rate. This does seem to be roughly what I read elsewhere. I am very sympathetic to the argument that this *should* be treated as wage income, even if that requires ad hoc regulations against certain investment vehicles to preserve the concept of sweat equity.<br /><br />I see two ways to read your counter -- that certain transactions split long/short term rates regardless of duration, or that it is possible to synethesize a long-run contract to replicate any short term trade. The second point seems right to me. Instead of selling a share to book a short term profit, it seems that one could open a second short and hold both positions over time. But I don't see support for the idea that futures trades regardless of duration are taxed at a mix of long/run short run rates. But I could very well be wrong.Thorfinnhttps://www.blogger.com/profile/00821884421437850613noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-11862612848089631232011-08-15T18:35:07.405-07:002011-08-15T18:35:07.405-07:00arpit - no time to comment broadly, but as a factu...arpit - no time to comment broadly, but as a factual matter WB is right on the tax treatment of futures. they are treated specially, i'm guessing because holding period tells little about economic risk-bearing since futs investors "roll" short-term holdings to synthesize long-term positions. regardless of holding period, futs proceeds are taxed partially as LT, partially as ST, gains. (i trade futs and benefit from this. i'm commenting from my phone and unreliable from memory, but look up sec 1254 contracts and i think the split is 60:40.)Steve Randy Waldmanhttps://www.blogger.com/profile/03349132252100069936noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-74422330689222243852011-08-09T03:51:07.159-07:002011-08-09T03:51:07.159-07:00I just want to know is it possible that I can purc...I just want to know is it possible that I can purchase a property from the bank itself at cut short rate against which mortgage loan has not been cleared?<br /><a href="http://mortgageamigo.com/" rel="nofollow">mortgage chattanooga</a>Jayme Wilsonhttps://www.blogger.com/profile/14482631729169093297noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-71634793090425786902011-06-15T19:07:29.518-07:002011-06-15T19:07:29.518-07:00Wonderful defense of freedom vs. central planning....Wonderful defense of freedom vs. central planning. And Jane Jacobs is the one to quote. Had we only listened to her decades ago.tom-ghttps://www.blogger.com/profile/17509992248863435217noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-58125394487773584282011-06-11T07:31:03.280-07:002011-06-11T07:31:03.280-07:00"We don’t want the people who made a lot of m..."We don’t want the people who made a lot of money in the ‘90s deciding what to invest in today; in general people and organizations don’t manage to remain at the entrepreneurial frontier all of the time. "<br /><br />Last I heard, most of the big Wall St firms are still there, and they are rather powerful. And then we have the energy companies, the military-industrial complex,................Barry DeCiccohttps://www.blogger.com/profile/04735814736387033844noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-86558324871684452292011-03-25T15:57:08.978-07:002011-03-25T15:57:08.978-07:00Interesting Post. I definitely agree with you that...Interesting Post. I definitely agree with you that most enviromentalists are more concerned with following the dogma and axioms of the movements originators then with improving the condition of the planet. I've also recently heated up to the potential of nuclear energy to bridge the gap from now until we can develop wind a solar and phase them in over the next 30-50 years. Obviously given what has happened in Japan nuclear energy will most likely be completely removed from the discussion and roll backs and closing of current plants will likely be the publics cry. But i really hope that we will let scientists and experts monitor what happened, decipher what the long term effects are, and dispassionately evaluate the long term safety issues of this technology. Unfortunately what happened at three mile island (catastrophe was more or less averted) is probably a better guage as to what will happen now.Brianhttps://www.blogger.com/profile/16105829549857720085noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-40700464985995353122011-03-21T11:34:45.318-07:002011-03-21T11:34:45.318-07:00To latexnewbie;
Your assumption is correct. During...To latexnewbie;<br />Your assumption is correct. During the latest crisis, The Fed loaned $ to the big banks, depositors withdrew money from big banks and money funds and moved it to smaller banks. Smaller banks, having no loan demand, in turn redeposited it with the Fed. <br /><br />I was at 2009 meeting of the Mass. Bankers Assn., 600 strong small and large banks, the vast majority of whom were swamped with deposits they were reinvesting with the FED. <br /><br />It increased the Fed's exposure to big banks if they failed, but resulted in no inflationary risks because there was no ability by the small banks to make loans.Frank Murrayhttps://www.blogger.com/profile/15011259487165437128noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-5215827918458715962011-03-21T10:42:18.729-07:002011-03-21T10:42:18.729-07:00This is a great post I can point people to instead...This is a great post I can point people to instead of rephrasing the argument everytime.<br /><br />FDIC socializes risk and allows banks to gamble with customers money. No FDIC = a market for conservative banks.RomeoStevenshttps://www.blogger.com/profile/11879518218082564987noreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-61047799597163015172011-03-21T05:00:08.167-07:002011-03-21T05:00:08.167-07:00I am not an economist so I welcome any and all cor...I am not an economist so I welcome any and all corrections. I was critical of the decision of Congress to increase the FDIC limit to $250K per bank account as I thought it would lead people to withdraw from their accounts in banks they thought to be in trouble to banks deemed safer at the moment. This was based on my assumption that if the FDIC limit was lowered people would distribute their money over larger number of accounts and thus there would be fewer bank runs and fewer "too big to fail" banks.<br /><br />Do you think I am correct in my assumption?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7830309662303835973.post-15902760517354487732011-02-27T19:16:53.150-08:002011-02-27T19:16:53.150-08:00Adam,
Thanks for stopping by and giving me your t...Adam,<br /><br />Thanks for stopping by and giving me your thoughts. <br /><br />I agree that there are many problems with the supply glut idea. To respond briefly,<br /><br />1) On the real estate point, many durable goods, not just real estate, saw big change. Real Estate may have moved more, but the same could be said of, say, Thailand before its crash. <br /><br />2) Bernanke's new paper does discuss the structured finance point. His point would be that both forms of demand -- for the good and bad meat -- drove the boom. Without the foreign demand for AAAs, the shorts couldn't have made money. <br /><br />3) You're right that the Fed paper only looks at Agency, and I've updated that in the post. But the general point is that changes in yields can't always be interpreted as changes in the price of risk.Thorfinnhttps://www.blogger.com/profile/00821884421437850613noreply@blogger.com