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Tag Archives: Cam Harvey
Bank Earnings Are Impossible to Interpret
It is earnings season and many banks will be reporting their earnings. What are we to make of these earnings? In usual circumstances, it is hard to decode earnings. Today, it is next to impossible. By the way, why did … Continue reading
Posted in Finance
Tagged Bank Earnings, Cam Harvey, Campbell Harvey, Fair Value Accounting, FASB 115, FASB 157, Financial Crisis '08, Mark to Market
1 Comment
Deconstructing Vol
The VIX is hovering around 70%. This is an annualized volatility. Bringing it to a daily level, volatility would be about 4.5%. Hence, the VIX is telling us that market moves of up to +/- 9% should not be unexpected. … Continue reading
Posted in Finance
Tagged Cam Harvey, Credit crisis, Financial Crisis '08, Knightian uncertainty, market volatility, Overreaction, VIX
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The D-word
The credit crisis is 13-months old. Unfortunately, policy makers have been late to the game. In addition, the game plan has changed so many times that it is not surprising that there is a general lack of confidence that we … Continue reading
Equity injection is not enough to get us out of this mess
The government doled out $125b of equity injection to 9 banks yesterday. It is a dramatic change from the original TARP proposal (to pay a premium price for toxic assets). I have advocated for weeks an equity injection (along with … Continue reading
The Fall of the House of TARP: Time for Plan B
I am not surprised that the Troubled Asset Relief Program (TARP) failed. The paper that I put out on Friday detailed the numerous problems with the TARP. My paper argued that the TARP had at least three major flaws.
Posted in Finance
Tagged Cam Harvey, Campbell Harvey, Equity Injection, Financial Crisis '08, Harvey Proposal, TARP
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My Proposal to End the Credit Crisis and Minimize Damage to the Real Economy
We have been trying to put out one fire after another and it is time to get ahead of the problem. One day it is money market funds, the next is Washington Mutual, and TARP over the weekend. We need … Continue reading
Posted in Finance
Tagged Cam Harvey, Campbell Harvey, Equity Injection, Financial Crisis '08, Harvey Proposal
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Contagious Systemic Risk: My Warning in 2005
Durham , NC — In late January 2005, Fuqua finance professor Cam Harvey traveled to Davos, Switzerland, for the world’s most important annual economic forum. From his panel discussion on corporate earnings to his encounters with senators and celebrities, Harvey … Continue reading
Posted in Finance
Tagged Cam Harvey, Campbell Harvey, Financial Crisis '08, Systemic Risk, World Economic Forum
1 Comment
The Risk We Face: AIG Nationalization and Other Thoughts
The extraordinary risk will not be resolved by the nationalization of AIG or steps to make it easier to borrow from the Federal Reserve. We face the specter of the ‘night of the living dead scenario’ where there are … Continue reading
The Night of the Living Dead
We face the specter of the ‘night of the living dead scenario’ where there are hundreds if not a thousand financial institutions are operating today – but are dead if mark to market accounting was applied to their assets. In … Continue reading