MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
Order today at Barnes & Noble / Amazon / Books-A-Million / Bookshop
MURDER, POLITICS, AND THE END OF THE JAZZ AGE by Michael Wolraich Order today at Barnes & Noble / Amazon / Books-A-Million / Bookshop |
Primer on tri-party repos from FRB-NY's blog, Liberty Street Economics:
"The tri-party repo market is a large and important market where securities dealers find short-term funding for a substantial portion of their own and their clients’ assets. The Task Force on Tri-Party Repo Infrastructure (Task Force) noted in its report that “(a)t several points during the financial crisis of 2007-2009, the tri-party repo market took on particular importance in relation to the failures and near-failures of Countrywide Securities, Bear Stearns, and Lehman Brothers.” In this post, we provide an overview of this market and discuss several reforms currently under way designed to improve functioning of the market. A recent New York Fed staff report provides an in-depth description of the market."
Comments
Why does this sound so much like this to me ?
http://dailypaul.com/63202/major-stock-market-crash-ahead-comparing-1929-to-2008
Or this.
http://hubpages.com/hub/Beginners-Guide-to-Financial-Markets-Trade-Clearing-and-Trade-Settlements
by cmaukonen on Tue, 04/12/2011 - 12:10pm
Maybe because the methods and means of finance can be used for evil as well as good?
A 'pool' can be as innocent as co-workers buying a lottery ticket together or as nefarious as the one described at your link as "any conspiracy using manipulative tactics to make a profit'. What makes a 'pool' good or evil is the character of the people in it.
I doubt that there is any other industry or sector whose employees face greater moral temptations to their honesty than finance. Many succumb. Most do not because long-term success in finance requires a degree of honesty and honor to instill trust in counterparties.
Diminishing levels of trust within the tri-party repo market community is what, imo, caused the recent crash just like what happened before when too many in the industry forgot the befores.
We always forget the befores and have to learn it all again.
by EmmaZahn on Tue, 04/12/2011 - 1:18pm
Sigh...this is true. Far too many people looking for short term/immediate profits rather than long term.
And as Hawkeye in MASH said "I don't think we remember the bad stuff as well as well think we do."
In the distant (and no so distant) past we quite often had only one shot at screwing up. No we have a large number and don't seem to learn much from it.
by cmaukonen on Tue, 04/12/2011 - 2:43pm