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Separating the Mortgage Debacle from the Liquidity Crisis

Andy Spero | March 25, 2009 | 0 Comment(s) |

Hernando de Soto has an interesting opinion column, Toxic Assets Were Hidden Assets, in today’s Wall Street Journal.

He makes the point that we’ve been making since September: that the mortgage debacle is separate from the liquidity/confidence crisis.

We think that he overstates the effect of derivatives–what he calls hidden assets–in creating the problem; however, we do think that the lack of accounting and the opacity of the contingent claims have exacerbated the liquidity/confidence crisis and make more difficult any restoration of confidence in large financial firms.  Despite the… Read the rest

Volatility and Losses: No End in Sight

Andy Spero | December 1, 2008 | 0 Comment(s) |

If you haven’t read it, For the Vix, 40 Looks Like It’s the New 20 in today’s The Wall Street Journal please know that is a decent column.

We particularly like the paragraph:

“Volatility may not return to its highs, but it isn’t clear when it will get back to normal, either. Volatility breeds fear, which breeds more volatility. There is still too much uncertainty about the losses lurking on bank balance sheets and about the depth and breadth of the current recession to inspire much calm.”

Now,… Read the rest

It's Time!

Andy Spero | October 12, 2008 | 0 Comment(s) |

As the IMF, the G7 and the President “endeavor to persevere,” we have of own recommendation to end the global financial crisis.

We’re Not Socialists or Statists:

We very much believe in freedom and personal responsibility; strongly prefer private enterprise to government services and bureaucracy; prefer democracy–well, republican democracy, at least–to centralization and authoritarianism (except in matters of religion); and prefer free markets and capitalism to any of their failed alternatives.  We’re not libertarian, but on economic issues, we’re not that far away.

We’re certainly not leftists.

We’ll hold our nose and… Read the rest