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The Fed Put Still Lives | Vincent Daniel
Forward Guidance
The Importance of Core Tier One
During the Great Recession, the issue was a credit issue, right? And as you can imagine, every politician and regulator knew they had to do something. So they fixed it by putting very onerous weights, risk weights on all things loans,. But they put very light risk weights on everything else including netting of derivatives and counterparties. Now, that spawned one of the greatest bull markets in private equity we would probably ever see in our lives; but on the other hand, it created very, very levered banking balance sheets.
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