Financial Services

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Covering a housing or banking story today? Here’s the latest from the experts on the AEI financial services team.

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Peter Thiel, partner of Founders Fund, speaks during the panel discussion "In Tech We Trust? A Debate with Peter Thiel and Marc Andreessen" at the Milken Institute Global Conference in Beverly Hills, California April 29, 2013.  Reuters

The year 1914 was a flexion point in history. Is Thiel right in supposing, or fearing, that 2007 was a flexion point too? There are unsettling indications that the answer is yes.

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GE’s withdrawal from the financial-services business is being hailed in Washington as a victory over “shadow banking.” This is akin to celebrating the criminal-justice system when a prisoner hangs himself in his cell.

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In order to revive the private secondary-mortgage market, Congress instructed the FHFA to raise the fees, told the agency how to do it, and gave the agency a 2013 deadline. That deadline is long past. It is time for the FHFA to obey the law.

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General Electric recently announced that it would sell off its financial services unit, GE Capital. The news comes five years after the passing of the Dodd-Frank law, and it seems the two events are closely related.

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Central bankers want to control the economy using macroprudental regulation to allocate savings. Which outcome will we get?

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To the detriment of the party of the incumbent president, growth-depressing policy uncertainty seems to peak around midterm and presidential elections. This bodes poorly for Mrs. Clinton in 2016.

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In this working paper, Paul Kupiec develops an algorithm to approximate the loss rate distribution for fixed income portfolios with obligor concentrations.

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Analysts’ claims that Americans face a retirement crisis overstate what households will need in retirement, fail to account for how the presence of children in a household affects the need to save, and incorrectly point to households’ declining wealth-to-income ratios as a sign of deteriorating retirement saving.

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Since 2008 the Fed has run vast, and risky, economic experiments without effective congressional oversight.

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