This is needed, by me and quite possibly by you as well: I’m off on holiday for the next couple of weeks. Alaska, mainly, which if Dave Weigel’s tweets are any indication, means that I’ll have neither the inclination nor the ability to post anything. So blogging will be intermittent at best between now and August 10. In the meantime, go enjoy some wine, and the summer.
There’s a certain amount of relief in the markets that there’s absolutely nothing in the way of bad news coming out of the European bank stress tests. Essentially, the tests could be tough or they could be lenient; and there could be significant failures or no significant failures. The outcome, in the end, was that the tests were lenient and that there were no significant failures.
The nomination of Elizabeth Warren to head the Consumer Financial Protection Bureau seems to be a foregone conclusion at this point. Warren and the large team of Warren enthusiasts have been pushing her nomination aggressively, to the point at which no one in the Obama administration is going to want to face the political firestorm associated with not nominating her.
Wow, it seems I was actually right for a change! After I declared earlier this afternoon that “repealing AB1120, if only temporarily while the SEC works out some kind of sensible permanent solution, seems to be the obvious way to go”, the SEC has gone and done exactly that:
The biggest unintended consequences of Dodd-Frank to date is the fact that the market in asset-backed securities seems to be closed, with Ford pulling a deal which was going to be more than $1 billion.