On the other hand he is pretty good on the importance of keeping an eye on the repo biz.
From RepoWatch:
Early next year, when Congress once again threatens to default on U.S. debt, you will need to have a subscription to the Financial Times to get timely information about conditions in the repo market, which is where the danger lies.
During the last round of brinksmanship, which ended October 16 with a four-month ceasefire, the only media that reported regularly on developing conditions in that market – and this includes RepoWatch, which does not do daily reporting – was the Financial Times.
To fully understand what’s at stake and to prepare for the next round, RepoWatch recommends:
– Read the Financial Times and RepoWatch articles below.
– Subscribe to the Financial Times, at least the online version, and set up an email alert so you’ll know when the Times publishes something about the repurchase market.
– Sign up for email alerts from Securities Finance Monitor, Scott Skyrm and Google.
It’s true that repo has lately been seen drifting out into the general U.S. business press. This is gratifying.
In the past two months the New York Times, NYT’s Dealbook blog, and the Associated Press have discovered repo, although AP waited until the 32nd paragraph of a 34-paragraph story to actually use the r-word. Reuters had a story. Bloomberg had an editorial. The Wall Street Journal had three stories in less than a week, here, here and here.
A good technical discussion of the repo market and U.S. debt default was on Oct. 15 by blogger Scott Skyrm.
But the daily granular reporting was done by the Financial Times. Here are some of their repo stories beginning in September, presented chronologically...MORE
