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CFR: Revisting the trouble in March

Summary:
Figurative language ... OUT.... THE.... ASS... methinks this JPM guy is definitely 100% Liberal Arts trained ie unqualified....... but here is the money line:  When bank leverage is rising in this way, the most effective offset is shedding assets.  Squirrel gets a nut... And btw for MNE commie peanut gallery...  checkmate!  AGAIN! .... for like the 1005th time! Josh Younger's third (and final) post tries to draw lessons from the "basis" crisis of March.https://t.co/9ZUGGInkUL — Brad Setser (@Brad_Setser) July 24, 2020

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Figurative language ... OUT.... THE.... ASS... methinks this JPM guy is definitely 100% Liberal Arts trained ie unqualified....... but here is the money line:

 When bank leverage is rising in this way, the most effective offset is shedding assets. 

Squirrel gets a nut...

And btw for MNE commie peanut gallery...  checkmate!  AGAIN! .... for like the 1005th time!

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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