dude where have you been?
I was supposed to die from cancer, but I survived it. No accounting for fate!
Goldman/Sachs? AIG?
“Someone” paid 7% for overnight money on the Fed Trading system last night (that “someone” was a bank, by the way.) This will be claimed to be “ordinary” end of quarter distortions for closing the books. Don’t believe it for a second. Let’s put this in plain language: The discount window is open for any bank that has good collateral at less than 1/10th of that interest rate. Therefore there is absolutely no reason for any institution to go into the Fed Funds market for overnight money at 7% unless they have no good collateral to post against it and...