Fannie Mae, Freddie Mac, conservatorship, homeownership, Joe Nocera, housing, Government Bailouts,

Yesterday, Joe Nocera penned an extraordinary column expressing his bafflement at the Trump administration’s drive to release Fannie Mae and Freddie Mac, two firms that purchase and guarantee around half of single-family mortgages in the United States, from government conservatorship. Nocera argues against such a move, writing…

banking regulation, financial regulation, competition in banking, banking concentration, Thomas Philippon

Thomas Philippon’s The Great Reversal is an important book in which he warns of the decline of competition in many U.S. product markets. Not having studied antitrust issues for some time, I will leave criticism of his general thesis—that competition has indeed declined and that this is…

mmt, banking regulation, bank run, bank failure, regulation, free banking

Yesterday morning, a Modern Monetary Theorist tweeted part of a 2017 interview he did with Warren Mosler, one of that school's leading proponents and benefactors. As the clip was titled "Against Free Banking: The Liability Side Isn't The Place For Market Discipline," yours truly couldn't resist a…

excess reserves, fed, fed balance sheet, repos, bank reserves

"The FOMC should forget about r* for the moment and focus on … the supermassive black hole at the center of global dollar funding markets."–Zoltan Poszar, 21 August, 2019. A few weeks ago, as part of its effort to prevent overnight rates from rising above the Fed's…