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Friday, March 20, 2009

Catching Up on My Reading: Fed Papers

At Matt "Mr. Fed" Dubuque's direction, I've been taking a closer look at Fed statements. Today? I took the day, and have been catching up on reading the papers from the Fed that I've been putting off for far too long.

This particular statement jumped out at me:

"First, a stable market place needs to be established for the currently illiquid assets sitting on the balance sheets of financial institutions. Until those assets can be adequately valued and losses absorbed and future losses staunched, financial firms are going to have a difficult time raising capital and extending new loans" - Thomas M. Hoenig, Federal Reserve Bank of Kansas

A-freaking-men to that.

By my reckoning, it is now at least 'Day 518', since it has become obvious we need a Fixed Income CDO Exchange with standardized accounting and contract rules

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