Who Cares Where You Are In The Capital Structure If The Fed Doesn’t Allow Bankruptcies?
Like many irritable observers, I lost my sense of humor with the Hertz saga in
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Ray Dalio: We No Longer Have Free Markets
“The Fed will set an interest rate for different types of creditors based on its economic objective”.
Fed Unveils Composition Of Corporate Bond Portfolio. Why Not Have A Look?
“Moral hazard!”, everyone shouted, in unison.
Howard Marks Is Humbled By Rally. Sort Of. But Not Really.
“…the odds aren’t in investors’ favor”.
The Fed Will Be Building A Corporate Bond Portfolio. Or Didn’t You Believe Them?
“It would be helpful if you soon began buying in size.”
Fed Engineers $1 Trillion Miracle In US Corporate Bond Market
“…the perfect answer for a central bank dealing with a credit crunch”.
Why You Have No Choice But To Buy Corporate Bonds Despite Black Swan Bankruptcy Spiral
Wicker giraffes and decorative plates.
Don’t Fear The Zombies.
What happens after that? How do you sort that out? Spoiler alert: You can’t.
The Fed May Have Already Saved Taxpayers $60 Billion In Averted Boeing Bailout
Critics will be critics, though.
‘Historic’: Markets Marvel At Scope Of Europe’s Record Collapse On GDP Day
“…a recession like the one we’re currently in is unprecedented.”
How Great Would It Be If Jeff Gundlach Shorted Stocks Just Before The Fed Starts Buying Them?
Mnuchin told Sorkin only that Fed buying is “highly unlikely”.
Bazooka Show.
If you’re in the camp that is genuinely offended by monetary largesse, this is going to a rough six months for your sanity.
Well, Is There A Future Or Isn’t There?
“Yeah, sport, I know there’s a blizzard.”
Breaking Down ‘The Biggest Global Bailout In History’
“Whether the stimulus is remotely enough remains to be seen”.
‘I Am An Oil Man’: How Long Before Jerome Powell Gets Into The Oil And Gas Business?
“I have numerous concerns”…
Marko Kolanovic Says S&P Will Be Back To Record Highs By Early Next Year. Here’s Why…
“What is the right multiple given the unprecedented earnings hit, but also unprecedented monetary measures?
There Will Be Scars.
But “there are believers out there.”
Fed Cuts Treasury Buying In Half, Money Markets Normalize, And Zoltan Pozsar Asks: Machiavelli Or Bagehot?
“Money is hierarchical…”
Howard Marks Has Lots To Say About Bailouts And Moral Hazard. So, I’ll Bite.
“Most of us believe in the free-market system as the best allocator of resources.”
‘Since 9/11’: 93% See Global Recession In BofA Survey As Cash Levels Surge To 20-Year High
Respondents see a “U-shaped” recovery, not a “V-shaped” miracle.Â
Do Not Go Gentle Into That Good Friday
“The world has indeed changed”.
Out Of Adjectives.
Crazy times, historic moves.
It Could Get Worse
Platitudes.
Chaos.
“…not randomness run amok, but an essential instability to changes in initial conditions”.
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