Sorting out the details of the response will be messy but the principles are now clear and policy is forming around them. First, address illiquidity in the market for mortgage-backed securities. Second, inject public capital on a huge scale, drawing in new private capital at the same time. Third, revive the inter-bank market with temporary guarantees. Fourth, especially in the US, step up efforts to slow mortgage foreclosures, to relieve the distress and stop house prices undershooting.
Antitrust at the Agencies: Happy New Year 5786 Edition
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It’s the beginning of a new year for some of us, so let me wish all of you
a good year, and a sweet year, even if you don’t know what I’m talking
about. ...
4 hours ago
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