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Is the U.S. Banking System Safe?–15 Years Later
IS THE U.S. BANKING SYSTEM SAFE? – 15 YEARS LATER “We’ve got strong financial institutions…Our markets are the envy of the world. They’re resilient, they’re…innovative, they’re flexible. I think we move very quickly to address situations in this country, and, as I said, our financial institutions are strong.” – Henry Paulson – 3/16/08 “I have full confidence […]
Pozsar Warns Of Another “Lehman Weekend” As Russia Sanctions May Trigger Central Bank Liquidity Flood
Pozsar Warns Of Another “Lehman Weekend” As Russia Sanctions May Trigger Central Bank Liquidity Flood In a remarkable show of force and unity, western powers cast aside all their previous concerns about Russian energy supplies and uniliaterally announced the nuclear option of imposing sanctions on the Russian central bank coupled with targeted exclusions from SWIFT of key […]
Albert Edwards: “It’s Starting To Feel A Bit Like July 2008”
Albert Edwards: “It’s Starting To Feel A Bit Like July 2008” One of the theories seeking to explain the Lehman collapse and the ensuing financial crisis points to the record surge in oil prices which rose as high as $150 in the summer of 2008, and which combined with tight monetary conditions, precipitated a giant […]
Meanwhile In China, Echoes Of Lehman As Interbank Market Freezes
Meanwhile In China, Echoes Of Lehman As Interbank Market Freezes One month ago we wrote that in the aftermath of the shocking government May 24 seizure of Baoshang Bank – not shocking because the bank failed as most Chinese banks are insolvent if left to their own devices due to the real, and far higher levels of […]
Stock-Market Margin Debt Plunges Most Since Lehman Moment
Stock-Market Margin Debt Plunges Most Since Lehman Moment It gets serious. Margin calls? No one knows what the total leverage in the stock market is. But we know it’s huge and has surged in past years, based on the limited data we have, and from reports by various brokers about their “securities-based loans” (SBLs), and […]
A Global People’s Bailout for the Coming Crash
A Global People’s Bailout for the Coming Crash When the global financial crisis resurfaces, we the people will have to fill the vacuum in political leadership. It will call for a monumental mobilisation of citizens from below, focused on a single and unifying demand for a people’s bailout across the world. *** A full decade […]
Zero-Down Subprime Mortgages Are Back, What Could Possibly Go Wrong?
Zero-Down Subprime Mortgages Are Back, What Could Possibly Go Wrong? Ten years after the collapse of Lehman Brothers, banks are once again taking bets on the same type of loans that nearly collapsed the economy amid a flurry of emergency bailouts and unprecedented consolidations. Bank of America has backed a $10 billion program from Boston-based brokerage […]
Weekly Commentary: Portending an Interesting Q4
Weekly Commentary: Portending an Interesting Q4 “Those who do not learn history are doomed to repeat it.” I’ll add that those that learn the wrong lessons from Bubbles are doomed to face greater future peril. The ten-year anniversary of the financial crisis has generated interesting discussion, interviews and scores of articles. I can’t help but […]
Weekly Commentary: Portending an Interesting Q4
Weekly Commentary: Portending an Interesting Q4 “Those who do not learn history are doomed to repeat it.” I’ll add that those that learn the wrong lessons from Bubbles are doomed to face greater future peril. The ten-year anniversary of the financial crisis has generated interesting discussion, interviews and scores of articles. I can’t help but […]
How the Crisis Caused a Pension Train Wreck
How the Crisis Caused a Pension Train Wreck We’ve been writing for some time that one of the consequences of the protracted super-low interest rate regime of the post crisis era was to create a world of hurt for savers, particularly long-term savers like pension funds, life insurers and retirees. Even though the widespread underfunding […]
The Great Financial Crisis: Bernanke and the Bubble
The Great Financial Crisis: Bernanke and the Bubble Ben Bernanke responded to Paul Krugman’s post last week, which agreed with my argument that the main cause of the Great Recession was the collapse of the housing bubble rather than the financial crisis. Essentially, Bernanke repeats his argument in the earlier paper that the collapse of […]
10 Years Later, a Debt Crisis Is Building Again
10 Years Later, a Debt Crisis Is Building Again Though it seems like only yesterday, it’s been a decade since my former employer, Lehman Brothers went bankrupt, and in the process, helped instigate a massive global financial crisis. That collapse catapulted the Federal Reserve on a mission to, in its own narrative, save the economy […]
Happy Anniversary
HAPPY ANNIVERSARY “They have learned nothing, and forgotten nothing.” Attributed to Talleyrand. Since everybody else in financial media has been indulging in an orgy of self-reflection, selective recollection and brazen virtue-signalling on the back of the 10 year anniversary of Lehman Brothers’ bankruptcy in September 2008, and in steadfast keeping with our principle of ‘no […]
How the Next Downturn Will Surprise Us
How the Next Downturn Will Surprise Us In their campaign to contain the risks that caused the Great Recession, central bankers may have planted the seeds for the next global economic crisis. ImageCreditCreditJi Lee After the fall of Lehman Brothers 10 years ago, there was a public debate about how the leading American banks had […]
Everything is AwesomeThe Donald in Wonderland: Down the Financial Rabbit Hole With Trump
The Donald in Wonderland: Down the Financial Rabbit Hole With Trump Once upon a time, there was a little-known energy company called Enron. In its 16-year life, it went from being dubbed America’s most innovative company by Fortune Magazine to being the poster child of American corporate deceit. Using a classic recipe for book-cooking, Enron […]
