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Unless you’re Isaac Asimov , trying to predict the future is a bit of a mug’s game. But it’s still probably fair to say that when people think of U.S. politics during the second decade of the 21st century, the phenomenon known as Occupy Wall Street will be one of the first things that come to mind. Yet although the iconic “occupation” of a park in...

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Elizabeth Warren subjected Fed chairman Janet Yellen to one of her fiercest interrogations ever in Congressional hearings yesterday....
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As most readers may know, Greece and the Eurogroup ministers agreed to a memorandum last week that would replace the bailout that expires on February 28 with a four-month deal that the memo stresses is in the same framework. But as much as the memo language was agreed by the ministers, it is not yet a done deal. And it is already looking like we...
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Credit Slips contributor Pamela Foohey has just posted her most recent work in her series of articles on churches in bankruptcy. I have been a big fan of this research project since Pamela was a fellow at the University of Illinois. She tells us not only about bankruptcy but also about the ways in which these churches look like most any small...

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Just as sumer is icumen in, so to are budget fights. And that means another opportunity to talk up the platinum coin as a way around budgetary tactics designed to inflict austerity on ordinary Americans....
Wednesday, 11 February 2015 |

Puerto Rico's Municipalities

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As previously predicted, and in light of recent events, legislation has been reintroduced to allow Puerto Rico's municipalities into chapter 9. Two Slipsters are quoted in the accompanying press release.

Meanwhile, the Commonwealth has appealed to the 1st Circuit. I would note that once the district court found the Recovery Act preempted by the...

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Bill Black flags yet another Geithner moment that deserves to live in infamy....
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Much research about the Great Recession in the US has focused on the boom-bust in housing wealth and spending of the middle class. This column argues that a large role was actually played by the rich. The savings rate of the rich went through a similar cycle as that of the middle class with rising wealth first stimulating their consumption and...
Saturday, 07 February 2015 |

Puerto Rico Preemption

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imageLast summer, PREPA bondholders filed actions challenging the constitutionality of Puerto Rico's recently enacted, but as yet unused, Public Corporation Debt Enforcement and Recovery Act. Last night, the district court filed a seventy-five page opinion. It did not dispose of the actions in full (e.g., the contract clause challenges remain alive but...

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Pretty darn dead. In 2014, there were all of 22 private-label RMBS deals. These deals provided $5.67 billion in financing for 7,342 mortgages. Let that sink in for a second. The private-label market financed fewer home mortgages than were made in the District of Columbia last year.  

Perhaps the private-label market's defenders will finally...

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