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James Aitken – Opportunities and Risks from Monetary Policy (EP.326)
Capital Allocators – Inside the Institutional Investment Industry
The Savings and Loan Crisis and the Multiplier Effect
The counter to the idea that the consumers elasticity to the Fed rate hikes is much less than it had been is that the banks by definition are upside down. To the extent the consumers turned out their mortgage, the bank is now under water on a market basis. So this savings and loan crisis suggests that what you tend to see is the initial wobble where a couple of the most poorly risk-managed institutions get into difficulty. And there are some similarities here, but for different reasons.
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