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Christopher Whalen

Christopher Whalen is an author and investment banker who lives in New York. Read more about Christopher here.


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Washington & Wall Street: The Fantasy World of Johnson-Crapo & Housing Reform

This week the Senate Banking Committee is scheduled to vote on a housing reform proposal sponsored by Senator Tim Johnson (D-SD), chairman of the committee, and Mike Crapo (R-ID), the ranking member. The bill would wind down Fannie Mae and Freddie Mac and replace them with a new agency, the Federal Mortgage Insurance Corporation (FMIC). Apr 27, 2014 12:03 PM PT

Washington & Wall Street: Big Banks Back Down in Detroit Bankruptcy

February, we reported on the depredations of large banks operating in the derivatives market focused on public sector entities, especially the bankrupt city of Detroit. Most recently, The New York Times reported that the banks involved in the swaps contracts at issue in the Detroit bankruptcy were forced to settle for a substantial discount to their original termination fee of $230 million Apr 15, 2014 7:52 AM PT

Washington & Wall Street: The Next Bubble Is in Mortgage Servicing

In this installment of Washington & Wall Street, we take readers of Breitbart News into the obscure world of the bond market and an important subset, namely the world of mortgage loan servicing and the “to be announced” (TBA) market for mortgages. In both cases, the actions of the Federal Reserve Board are distorting the markets and arguably setting banks, the housing market, and U.S. consumers up for a future “surprise” right around election time. Apr 10, 2014 12:01 PM PT

Washington & Wall Street: Obama Administration Desperate to Boost Housing

In fact, the Obama White House is facing the prospect of Republicans winning the House and Senate this November, in large part because excessive regulation via Dodd-Frank is killing the US housing sector and, indirectly, the prospects for jobs and growth in the wider economy. Mar 26, 2014 3:20 PM PT

Washington & Wall Street--Memo to GOP: Fed Losses Are Good News

As I traveled back from the EU this weekend, a story in the Financial Times about the unrealized losses that the Fed has generated on its vast portfolio of U.S. Treasury and Mortgage Backed Securities (MBS) caught my eye. These losses, contrary to the thinking some espouse, are not cause for concern. Mar 15, 2014 2:41 PM PT

Washington & Wall Street: Down and Out in Paris and London

This week Washington and Wall Street is "Down and Out in Paris and London," to borrow the title from the autobiography of George Orwell. We are attending the Paris meeting of the Global Interdependence Center in Philadelphia, which is hosted again so graciously by the Banque de France. On Wednesday, we will travel to London by train to meet with more observers of the global scene. Mar 11, 2014 4:07 AM PT

Washington & Wall Street: Behind the Jobs Numbers & the Midterm Election

Job creation in the US rose modestly in February, posting a better-than-expected gain of 175,000 despite expectations that weather would keep the count low. The unemployment rate moved higher to 6.7 percent, according to the latest report from the Bureau of Labor Statistics.  A rising unemployment rate is often seen as a good indicator to the extent that more people may be looking for jobs.  But the reality behind these numbers is far more complex and should be the focus of attention for conservatives who want to win this November. Mar 7, 2014 9:36 AM PT

Washington & Wall Street: The Dire Economic Threat of Dodd-Frank

This week, many Wall Street traders got caught on the wrong foot when the dictator of Russia, Vladimir Putin, decided to seize the Crimean Peninsula. On Tuesday, the U.S. Stock Market sprang back, but that does not mean that the crisis in Ukraine is over. Mar 5, 2014 7:43 PM PT

Washington & Wall Street: Time for Republicans to Abandon Debt Default Strategy

Sorting out the different political threads which comprise the conservative rainbow is beyond the scope of Washington and Wall Street, but this week let’s talk about conservatives and economic policy, an area where we all ought to agree on basic principles. From Tea Party activists to establishment Republicans, increased growth, lower taxes and less government are the core values we all share – at least in theory. Mar 1, 2014 2:49 PM PT

Washington & Wall Street: Is New York City Mayor Bill De Blasio a Lame Duck?

New York Mayor Mayor Bill de Blasio has only been in office for a short time, but already he is starting to look like a lame duck. A year ago, nobody would take a call from the De Blasio, but today everybody and anybody wants to talk to the new mayor.  The only trouble is that few if any of the people the Mayor speaks to are willing to tell the new chief executive of New York City what he needs to hear as opposed to what he wants to hear. Feb 21, 2014 9:40 PM PT

Washington & Wall Street: Wall Street Feeds on Bankrupt Detroit

The complaint filed by Detroit details how the banks created a series of sham transactions that allowed the financially strapped municipality to borrow money above and beyond the legal debt limits. Now Detroit is suing in court to claw back those same pension payments and have the transactions crafted by UBS and Merrill Lynch declared null and void. Feb 21, 2014 10:24 AM PT

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