Ayo
@ayogeorge.bsky.social
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IL & RI UChicago Harris & Water Finance Exchange public finance & urban economics
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Ayo
Steven Kelly
12 months ago
The government (in)famously did not provide a rescue loan to Lehman. The Fed did, however, lend substantially to the firm dealer subsidiary.
@ayogeorge.bsky.social
& I have a new case study on this intervention, which also squares that apparent inconsistency. In the Journal of Financial Crises:
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United States: Lehman Brothers Broker-Dealer Emergency Liquidity Program, 2008
On Sunday, September 14, 2008, a deal to sell the United States investment bank Lehman Brothers Holdings Inc. (LBHI) to United Kingdom-based Barclays fell apart
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5211527
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Joey Politanoš³ļøāš
about 1 year ago
You guys keep wanting to touch the stove. I'm telling you we can't touch the stove. What we can do is recreate it. We recreate stove touching in the aggregate.
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Fiscal discipline, government accountability, and a focus on quality of services I believe they call this pragmatic progressivism
add a skeleton here at some point
about 1 year ago
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Nothing more politically sensitive in restructuring than establishing a hierarchy of claims. Also nothing more important to the success of the process.
www.chicagobusiness.com/opinion/chic...
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Opinion: For Chicago, bankruptcy is not the answer
Chicago still has time to voluntarily address its financial issues before ultimately defaulting on its debt, which led to Detroit filing for bankruptcy in 2013.
https://www.chicagobusiness.com/opinion/chicago-should-not-follow-detroits-path-bankruptcy-op-ed
about 1 year ago
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Steven Kelly
about 1 year ago
2/ This quote from Jim Millstein ā the Treasury's chief restructuring officer in the aftermath of the financial crisis ā gets at the meat of the issue. Too often, the ratings agencies are considered as an afterthought, rather than a first-order constraint:
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From myself and
@stevenkelly49.bsky.social
, a policy note on the benefits of early consideration of ratings agency responses during crisis interventions:
som.yale.edu/story/2025/r...
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Ratings Agencies: The Forgotten Constituency of Financial Crisis Interventions
https://som.yale.edu/story/2025/ratings-agencies-forgotten-constituency-financial-crisis-interventions
about 1 year ago
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Karthik Sankaran
over 1 year ago
Die Hard is indeed a Christmas movie, but Itās a Wonderful Life is a Financial Stability movie and A Christmas Story is a film about Reflationary Military Keynesianism.
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reposted by
Ayo
over 1 year ago
Steven Kelly, Associate Director of Research at Yale Program on Financial Stability, on the Fed portfolio, bills, and matching maturity to outstanding Treasury debt. Special thanks to Steve for gracing OMFIF with his thoughts and commentary.
www.omfif.org/2024/12/the-...
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The Fed should stay out of the fight for T-bills - OMFIF
The Federal Reserve has started its rate-cutting cycle, and Wall Streetās consensus is that quantitative tightening will end in March 2025. The Fed will then have to make the critical, if seemingly sl...
https://www.omfif.org/2024/12/the-fed-should-stay-out-of-the-fight-for-t-bills/
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Semafor
over 1 year ago
Somalia and Ethiopia have agreed to work together to resolve their dispute over Somaliland.
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Somalia and Ethiopia resolve Somaliland row | Semafor
The new agreement comes even as sources close to US President-elect Donald Trump say his administration is likely to recognize Somalilandās independence.
https://www.semafor.com/article/12/12/2024/somalia-and-ethiopia-resolve-somaliland-row
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Rob Smith
over 1 year ago
If there's one thing Rhode Island loves to do, it's pass unfunded mandates: pass a law, make a policy and don't give anyone any money to make it happen. Spent a couple months reading through the general laws to find these, here's what I found:
ecori.org/im-just-a-bi...
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Iām Just a Bill: Rhode Island Rocks Unfunded Mandates - ecoRI News
Although a law may be created, there's no guarantee that it will be enacted, or funded.
https://ecori.org/im-just-a-bill-rhode-island-rocks-unfunded-mandates/
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Sam G. Howard
over 1 year ago
This is a huge reason why RI needs lots of housing with easy access to the train to absorb these folks.
add a skeleton here at some point
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Ted Nesi
over 1 year ago
US Sen. Jack Reed posted this photo noting that his predecessor Claiborne Pell was born 106 years ago today. Since 1936, just three men have held RI's Class II US Senate seat: Reed, Pell, and T.F. Green.
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Steph Machado
over 1 year ago
NEW: Providence is facing a potential financial crisis after losing a funding battle with the school system. What's going on and what could it mean for you? Here's my explainer:
www.bostonglobe.com/2024/11/19/m...
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Providenceās latest financial crisis, explained - The Boston Globe
Providence could owe the city school department tens of millions of dollars. How did we get here?
https://www.bostonglobe.com/2024/11/19/metro/providence-financial-crisis-explained/
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