After the coffee. Before wondering why I never realized how similar Ben Affleck's and Adam Sandler's voices are.
Plenty of new shows on TV. Next week, the new television season officially starts (although some new shows have already premiered) and USA Today warns of new show gridlock. Not only are there 23 series premiering on the broadcast networks, cable, which usually showcases their wares in the summer or winter off seasons, is also gunning for fall. HBO has "Boardwalk Empire" debuting this Sunday and last week FX launched "Terriers." It will really be a manic Monday this season with Fox launching "Lone Star," NBC with "The Event" and CBS' reboot of "Hawaii Five-0. Then there are those other nagging headaches such as dealing with digital, fixing Fridays and, most importantly, making some quality shows and getting advertisers to pay more for them.
And I thought it was real. Casey Affleck, director of "I'm Still Here," the movie that chronicles the bizarre behavior of actor Joaquin Phoenix over the last few years is, as many expected, not exactly for real. Affleck confirmed to the New York Times that Phoenix is giving "the performance of his career." Affleck did say that the David Letterman, the CBS late night talk show host on whose show Phoenix seemed to be melting down, was not in on the joke. However, that seems to contradict a Letterman writer who claims the host was in on it in an interview last year with Nuvo, an Indianapolis-based alternative paper.
Box-office battle. There's something for everyone this weekend at the box office. Want to hang out with teenagers? Go see "Easy A," a high school comedy starring Emma Stone and Amanda Bynes. Want some grit? There's Ben Affleck's Beantown bank heist "The Town," which I saw and can recommend, although there are some holes in the plot. If you want arty, there's "Never Let Me Go," and if you want weird, there's "Catfish." Anyway, box-office projections from the Los Angeles Times and Variety.
Motor City madness. With its big tax incentives and need for money, Detroit (my birthplace) has rolled out the red carpet to Hollywood. Besides TV shows set in Detroit such as ABC's "Detroit 187" and HBO's "Hung," more movies are shooting there and often the films are set somewhere else (take for instance the upcoming Hillary Swank flick "Conviction," which takes place in New England). More on what locals hope will spark a second coming of Detroit from the Wall Street Journal. All I'll say is remember it's called pop, not soda there, and if you want to use my childhood home, it's on Fairfield between Six and Seven Mile Road.
Don't come running to us. Federal Communications Commissioner Meredith Attwell Baker said media should not get any financial aid from the government no matter how dire their health. In the last year, some media advocates have suggested that the government help bail out the struggling newspaper industry, although such talk has never gained serious ground on Capitol Hill. "Without true independence from government, the press could not serve its proud role as a check on governmental authority, the commissioner said at a conference, adding, "Direct government funding of journalism would also erode the public’s attitude toward media, an attitude already characterized by more skepticism than trust." More on her remarks from The Hill.
Inside the Los Angeles Times: Robert Lloyd likes, but doesn't love, HBO's "Boardwalk Empire." Is that allowed? Betsy Sharkey on the darkness on the edge of the Toronto Film Festival. Warner Bros. chief Barry Meyer is no fan of Apple's TV rental plan.
-- Joe Flint
Follow me on Twitter because it will get your weekend off to a good start. Twitter.com/JBFlint
One of the big problems during the financial crisis was a bank run in the shadow banking system when doubts emerged about the safety of deposits.
In my last column at the Fiscal Times, I talked about an approach to solving the problem that involves having deposits in the shadow system backed (insured) by high quality collateral.
But high quality collateral is not the only option. Another way to do this is through a type of insurance along the lines of what the FDIC does for the traditional banking system, along with restrictions on eligibility for the insurance. In reaction to my column, and in support of the insurance approach, Morgan Ricks of Harvard Law School emails:
I enjoyed your Fiscal Times piece and am glad you're focused on this issue.
I'm a big admirer of Gary and Andrew's work, but I would encourage you to give some more thought to whether collateral requirements for repo are likely to do the trick. Here are a few things to consider:
- Many of the short-term liabilities of the shadow banking system were and are uncollateralized (think about Lehman's reliance on unsecured commercial paper -- the default of which caused the Reserve Fund to "break the buck," igniting the run on money market funds; and Citigroup's SIVs, which financed themselves in the unsecured markets).
- Money market investors do not want to take possession of collateral and dispose of it. Even if the collateral is high quality, they don't want the interest rate risk. That's not their business. They don't want to deal with the consequences of a counterparty default. This is why, in the crisis, many money market investors stopped rolling even those repos that were fully secured by Treasuries and agencies:
- See Chris Cox's testimony on Bear Stearns (here http://www.sec.gov/news/testimony/2008/ts040308cc.htm): "For the first time, a major investment bank that was well-capitalized and apparently fully liquid experienced a crisis of confidence that denied it not only unsecured financing, but short-term secured financing, even when the collateral consisted of agency securities with a market value in excess of the funds to be borrowed"
- See also FRBNY's repo task force report (here http://www.newyorkfed.org/prc/report_100517.pdf): “Discussions in the Task Force emphasized repeatedly that many Cash Investors focus primarily if not almost exclusively on counterparty concerns and that they will withdraw secured funding on the same or very similar timeframes as they would withdraw unsecured funding.”
- Even if collateral requirements reduce the likelihood of runs, how do we calibrate them -- what is the objective function? Presumably we think maturity transformation (fractional reserve banking) is a good thing -- it increases the supply of loanable funds by pooling otherwise idle cash reserves and deploying them toward productive investments. Risk constraints (such as collateral requirements) necessarily reduce this surplus -- there is a real social cost. How do we appraise the corresponding benefit? That is, how do we estimate the systemic instability associated with any given level of collateral requirements? My argument is that we can't. And by "we" I mean not just the government, but anybody.
My paper argues that we avoid these problems with an insurance regime; that financial firms outside the insurance regime should be disallowed from conducting maturity transformation (i.e., they would have to rely on term funding, not money market funding); and that we should develop functional criteria of eligibility for the insurance regime. (By the way, this is not the same thing as "extending" insurance to shadow banks.)
Anyway, these are things worth thinking about. I think the insurance approach needs more serious consideration than it has received -- it's a little lonely over here ...
Best,
Morgan Ricks
See here for nice summary of this approach and link to the underlying academic paper.
Small Business <b>News</b>: The White Paper Overview
Pundits still say they are a great way to develop credibility for your business easy to distribute in their popular current PDF format and also, if done right,
New SSFIV costumes priced, dated <b>News</b> - Page 1 | Eurogamer.net
Read our news of New SSFIV costumes priced, dated.
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
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bench craft company rip off
Small Business <b>News</b>: The White Paper Overview
Pundits still say they are a great way to develop credibility for your business easy to distribute in their popular current PDF format and also, if done right,
New SSFIV costumes priced, dated <b>News</b> - Page 1 | Eurogamer.net
Read our news of New SSFIV costumes priced, dated.
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
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After the coffee. Before wondering why I never realized how similar Ben Affleck's and Adam Sandler's voices are.
Plenty of new shows on TV. Next week, the new television season officially starts (although some new shows have already premiered) and USA Today warns of new show gridlock. Not only are there 23 series premiering on the broadcast networks, cable, which usually showcases their wares in the summer or winter off seasons, is also gunning for fall. HBO has "Boardwalk Empire" debuting this Sunday and last week FX launched "Terriers." It will really be a manic Monday this season with Fox launching "Lone Star," NBC with "The Event" and CBS' reboot of "Hawaii Five-0. Then there are those other nagging headaches such as dealing with digital, fixing Fridays and, most importantly, making some quality shows and getting advertisers to pay more for them.
And I thought it was real. Casey Affleck, director of "I'm Still Here," the movie that chronicles the bizarre behavior of actor Joaquin Phoenix over the last few years is, as many expected, not exactly for real. Affleck confirmed to the New York Times that Phoenix is giving "the performance of his career." Affleck did say that the David Letterman, the CBS late night talk show host on whose show Phoenix seemed to be melting down, was not in on the joke. However, that seems to contradict a Letterman writer who claims the host was in on it in an interview last year with Nuvo, an Indianapolis-based alternative paper.
Box-office battle. There's something for everyone this weekend at the box office. Want to hang out with teenagers? Go see "Easy A," a high school comedy starring Emma Stone and Amanda Bynes. Want some grit? There's Ben Affleck's Beantown bank heist "The Town," which I saw and can recommend, although there are some holes in the plot. If you want arty, there's "Never Let Me Go," and if you want weird, there's "Catfish." Anyway, box-office projections from the Los Angeles Times and Variety.
Motor City madness. With its big tax incentives and need for money, Detroit (my birthplace) has rolled out the red carpet to Hollywood. Besides TV shows set in Detroit such as ABC's "Detroit 187" and HBO's "Hung," more movies are shooting there and often the films are set somewhere else (take for instance the upcoming Hillary Swank flick "Conviction," which takes place in New England). More on what locals hope will spark a second coming of Detroit from the Wall Street Journal. All I'll say is remember it's called pop, not soda there, and if you want to use my childhood home, it's on Fairfield between Six and Seven Mile Road.
Don't come running to us. Federal Communications Commissioner Meredith Attwell Baker said media should not get any financial aid from the government no matter how dire their health. In the last year, some media advocates have suggested that the government help bail out the struggling newspaper industry, although such talk has never gained serious ground on Capitol Hill. "Without true independence from government, the press could not serve its proud role as a check on governmental authority, the commissioner said at a conference, adding, "Direct government funding of journalism would also erode the public’s attitude toward media, an attitude already characterized by more skepticism than trust." More on her remarks from The Hill.
Inside the Los Angeles Times: Robert Lloyd likes, but doesn't love, HBO's "Boardwalk Empire." Is that allowed? Betsy Sharkey on the darkness on the edge of the Toronto Film Festival. Warner Bros. chief Barry Meyer is no fan of Apple's TV rental plan.
-- Joe Flint
Follow me on Twitter because it will get your weekend off to a good start. Twitter.com/JBFlint
One of the big problems during the financial crisis was a bank run in the shadow banking system when doubts emerged about the safety of deposits.
In my last column at the Fiscal Times, I talked about an approach to solving the problem that involves having deposits in the shadow system backed (insured) by high quality collateral.
But high quality collateral is not the only option. Another way to do this is through a type of insurance along the lines of what the FDIC does for the traditional banking system, along with restrictions on eligibility for the insurance. In reaction to my column, and in support of the insurance approach, Morgan Ricks of Harvard Law School emails:
I enjoyed your Fiscal Times piece and am glad you're focused on this issue.
I'm a big admirer of Gary and Andrew's work, but I would encourage you to give some more thought to whether collateral requirements for repo are likely to do the trick. Here are a few things to consider:
- Many of the short-term liabilities of the shadow banking system were and are uncollateralized (think about Lehman's reliance on unsecured commercial paper -- the default of which caused the Reserve Fund to "break the buck," igniting the run on money market funds; and Citigroup's SIVs, which financed themselves in the unsecured markets).
- Money market investors do not want to take possession of collateral and dispose of it. Even if the collateral is high quality, they don't want the interest rate risk. That's not their business. They don't want to deal with the consequences of a counterparty default. This is why, in the crisis, many money market investors stopped rolling even those repos that were fully secured by Treasuries and agencies:
- See Chris Cox's testimony on Bear Stearns (here http://www.sec.gov/news/testimony/2008/ts040308cc.htm): "For the first time, a major investment bank that was well-capitalized and apparently fully liquid experienced a crisis of confidence that denied it not only unsecured financing, but short-term secured financing, even when the collateral consisted of agency securities with a market value in excess of the funds to be borrowed"
- See also FRBNY's repo task force report (here http://www.newyorkfed.org/prc/report_100517.pdf): “Discussions in the Task Force emphasized repeatedly that many Cash Investors focus primarily if not almost exclusively on counterparty concerns and that they will withdraw secured funding on the same or very similar timeframes as they would withdraw unsecured funding.”
- Even if collateral requirements reduce the likelihood of runs, how do we calibrate them -- what is the objective function? Presumably we think maturity transformation (fractional reserve banking) is a good thing -- it increases the supply of loanable funds by pooling otherwise idle cash reserves and deploying them toward productive investments. Risk constraints (such as collateral requirements) necessarily reduce this surplus -- there is a real social cost. How do we appraise the corresponding benefit? That is, how do we estimate the systemic instability associated with any given level of collateral requirements? My argument is that we can't. And by "we" I mean not just the government, but anybody.
My paper argues that we avoid these problems with an insurance regime; that financial firms outside the insurance regime should be disallowed from conducting maturity transformation (i.e., they would have to rely on term funding, not money market funding); and that we should develop functional criteria of eligibility for the insurance regime. (By the way, this is not the same thing as "extending" insurance to shadow banks.)
Anyway, these are things worth thinking about. I think the insurance approach needs more serious consideration than it has received -- it's a little lonely over here ...
Best,
Morgan Ricks
See here for nice summary of this approach and link to the underlying academic paper.
bench craft company rip off
Small Business <b>News</b>: The White Paper Overview
Pundits still say they are a great way to develop credibility for your business easy to distribute in their popular current PDF format and also, if done right,
New SSFIV costumes priced, dated <b>News</b> - Page 1 | Eurogamer.net
Read our news of New SSFIV costumes priced, dated.
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
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Small Business <b>News</b>: The White Paper Overview
Pundits still say they are a great way to develop credibility for your business easy to distribute in their popular current PDF format and also, if done right,
New SSFIV costumes priced, dated <b>News</b> - Page 1 | Eurogamer.net
Read our news of New SSFIV costumes priced, dated.
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
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Small Business <b>News</b>: The White Paper Overview
Pundits still say they are a great way to develop credibility for your business easy to distribute in their popular current PDF format and also, if done right,
New SSFIV costumes priced, dated <b>News</b> - Page 1 | Eurogamer.net
Read our news of New SSFIV costumes priced, dated.
Pulse <b>News</b> Reader for iPad 2.0: More sources, better organization
Alphonso Labs reported today that their Pulse News Reader for iPad (currently US $1.99) has been updated to version 2.0. The new version of the app addresses one of the major complaints about the original by allowing up to 60 news feeds ...
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