New book to recommend, published in 2022:
"The Lords of Easy Money: How the Federal Reserve Broke the American Economy" by Christopher Leonard
» Click to show Spoiler - click again to hide... «
https://www.simonandschuster.com/books/The-...d/9781982166632Interesting read on the politics of the Fed and some of the details of US Treasury securities are issued. Some account of details like the 1991 Solomon's illegal cornering of T-bills issuance in the primary market and how Jeremy Powell managed to settle the "crisis". Also some educational topics on coporate debt issuance, CLOs and what private equity firms can do to small companies.
You will see the world of high finance in Washington DC and New York, how power from DC can influence corporate deals in Wall Street and how PE firms in DC can excel against their NY peers with "insider info". See for yourself how a low and next-to-zero interest rate has done to the high finance world.
I can find the book online. If you can't find it just let me know. I can send the soft copy. Happy reading.
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For bank stock/bond investors, as mentioned in this book, Tom Hoenig from the FDIC has created a Global Capital Index which computes the true capital ratio for the various big banks around the world as compared to the "self-reported" ratios, which are based on highly-disputed "risk-weighted assets".
You can find the data up to the end of 2017 here:
https://www.fdic.gov/about/learn/board/hoenig/global.htmlTom Hoenig is the former governor of the Kansas Fed, he would be the lone opponent to QE when it was launched in the aftermath of the Great Recession (check the Fed meeting records and throughout the Bernanke years his votes look like: no, no, no, no, no, no, ...)
This post has been edited by TOS: May 14 2022, 11:05 AM