With the Fed’s worst case scenario coming true, “too big to fail” is more than a marketing slogan. The real ominous strains are elsewhere.
A half century of fame doesn’t overcome the classic sequence risk of old age. But a $250 million career goes on long after death.
Extreme volatility felt like a messy Amaranth-style liquidation. This is nowhere near that size but it also isn't the only fund under pressure.
Both Trump and Biden are willing to hand out trillions to virus-affected workers, provided they keep their jobs. Unfortunately it doesn’t help.
Here's the real shock and awe. Dow rebounded 1,000 points as the news spread that the central bank is paying attention to "highly unusual disruption."