{"id":1274,"date":"2011-10-12T00:27:46","date_gmt":"2011-10-12T04:27:46","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1274"},"modified":"2011-10-12T00:27:46","modified_gmt":"2011-10-12T04:27:46","slug":"too-big-to-fail-is-here-to-stay","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/12\/too-big-to-fail-is-here-to-stay\/","title":{"rendered":"Too-big-to-fail is here to stay"},"content":{"rendered":"

Lehman Brothers’ collapse in 2008 was intended to intended to teach financial markets that they could not rely on an implicit government guarantee for too-big-to-fail (TBTF) banks. What bondholders learned was the opposite: never again would an institution of that size be allowed to collapse because of the de-stabilizing effect on the entire financial system.<\/p>\n

Rescue of Dexia by French, Belgium and Luxembourg governments is the latest example. Bond-holders received 100 cents in the dollar\/euro. Markets are just too fragile to consider giving bondholders a haircut. Denmark earlier had to back down from forcing haircuts on bondholders when Danish banks found themselves shut out of funding markets. [WSJ<\/a>]<\/p>\n

Frequent calls for TBTF institutions to be broken up have proved ineffective. Instead the problem has grown even larger with post 2008 rescue\/take-overs of Countrywide and Merrill Lynch (BofA), Bear Stearns and WaMu (JPM), Lehman (Barclays), and Wachovia (Wells Fargo) reinforcing Willem Buiters’ survival of the fattest<\/a> observation.<\/p>\n

Proposals to reduce systemic risk through adoption of the Volcker Rule<\/em>, which would prevent banks form trading for their own account, are proving difficult to implement. The 298-page first draft offers few clear definitions of restricted activities, instead calling for suggestions or feedback.[Bloomberg<\/a>] Drafters should consider turning the rule around, offering a list of approved activities that banks can pursue, rather than attempting to define what they cannot. I have great respect for banks’ ability to find loopholes in any restrictive list.<\/p>\n

The Rule on its own, however, cannot protect taxpayers from future bailouts. It does not prevent banks from over-lending if there is another bubble. There is only one solution: increase capital ratios — and apply similar ratios to securitized assets. Increases would have to be gradual, as some banks could respond by shrinking assets rather than raising capital — which would have a deflationary effect on the economy. Changes would also have to be sensitive to the economic cycle. The easiest way may be to set a long-term target (e.g. 20% Tier 1 + 2 capital by 2030) and leave implementation to the central bank as part of its monetary policy.<\/p>\n

Together with the Volcker Rule, increased capital ratios are our best defense against a recurrence of the GFC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lehman Brothers’ collapse in 2008 was intended to intended to teach financial markets that they could not rely on an implicit government guarantee for too-big-to-fail (TBTF) banks. What bondholders learned was the opposite: never again would an institution of that size be allowed to collapse because of the de-stabilizing effect on the entire financial system. … <\/p>\n

Continue reading “Too-big-to-fail is here to stay”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,33,34],"tags":[331,1024,1549,3306,3434,3619],"class_list":["post-1274","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-bailouts","tag-dexia","tag-gfc","tag-survival-of-the-fattest","tag-too-big-to-fail","tag-volcker-rule"],"yoast_head":"\nToo-big-to-fail is here to stay - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Too-big-to-fail is here to stay - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Lehman Brothers’ collapse in 2008 was intended to intended to teach financial markets that they could not rely on an implicit government guarantee for too-big-to-fail (TBTF) banks. 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For a policy designed to prevent taxpayer bailouts, it\u2019s an undeniable defeat. In the past few weeks, four European bank failures have demonstrated that a signature feature of the postcrisis regulatory regime simply cannot protect\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7830,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/01\/too-big-to-fail-qa-get-the-facts-sober-look\/","url_meta":{"origin":1274,"position":1},"title":"Too-big-to-fail Q&A. Get the facts | Sober Look","author":"ColinTwiggs","date":"June 1, 2013","format":false,"excerpt":"Interesting pro-bank piece by Sober Look. I have added my comments in italics. The debate around \"too big to fail\" of the US banking system is often infused with political rhetoric and media hype. Let's go through some Q&A on the subject and discuss the facts. Q: Did large banks\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7759,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/19\/can-two-senators-end-too-big-to-fail-the-big-picture\/","url_meta":{"origin":1274,"position":2},"title":"Can two senators end \u2018too big to fail\u2019? | The Big Picture","author":"ColinTwiggs","date":"May 19, 2013","format":false,"excerpt":"Barry Ritholz writes: The idea that two senators from opposite sides of the ideological spectrum can find common ground to attack a problem with a simple solution is novel in the Senate these days. If Brown and Vitter manage to end the subsidies to banks deemed \u201ctoo big to fail,\u201d\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1145,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/how-did-europes-bank-stress-tests-give-dexia-a-clean-bill-of-health-business-guardian-co-uk\/","url_meta":{"origin":1274,"position":3},"title":"How did Europe’s bank stress tests give Dexia a clean bill of health? | Business | guardian.co.uk","author":"ColinTwiggs","date":"October 5, 2011","format":false,"excerpt":"It may seem like a lifetime away, but it is only in July that the European Banking Authority published the result of \"stress tests\" on 90 banks across 21 countries in the EU, covering around 65% of the banking industry. Eight failed. 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