Wall Street found it could construct a lever nearly infinitely long. But it ultimately lacked a prop -- that is, capital -- sufficiently strong. As a result, it finds itself turning to the government and the Fed to support it. Regulators are providing a prop, and preventing a collapse. But that will mean a far different world, and one less easily moved by leverage or those who manipulate it.
Q2 GDP Tracking: Mid-2s
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From BofA:
Since our last weekly publication, our 2*Q GDP tracking is down one-tenth
to 2.2% q/q saar*. [July 18th estimate]
emphasis added
From Goldman:...
8 hours ago
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