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- The TED Spread: the New VIX?
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People have ideological reasons for opposing the nationalization of U.S. banks, in whole or in part, and that’s understandable. But at this moment, the only viable ideological positions seem to be Keynesian or anarchist. Paul Kedrosky summarizes the situation well:
People keep talking about the perils of nationalizing the banking system. Newsflash: There currently is no banking system, if by that you mean a network of organizations lending to one another and to quality companies in a predictable way. (Look at the spread on today’s IBM issue for an example.) Instead, there are a bunch of paralyzed deposit-hoarding institutions stuck in a game theory experiment that no-one understands or can exit.
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9 October, 2008| Derivatives |
@ 19:01