Felix Salmon

The stocks-housing disconnect

The double dip in the housing market — with house prices nationally now back to their 2002 levels — stands in stark contrast to what’s going on in the stock market, and a lot of people, myself, included, are puzzling over why that might be.

The hardship of pro bono clients, Steven Simkin edition

Peter Lattman follows up today on the only-in-New-York story of Paul Weiss partner Steven Simkin, who wants to claw back money from his ex-wife on the grounds that he was invested with Bernie Madoff when they got divorced:

The Fed vs Bloomberg, ST OMO edition

Dave Altig, who wonderfully moved Macroblog over to the Atlanta Fed when he took a job there, is very unimpressed with Bob Ivry’s Bloomberg piece on that obscure short-term loan scheme by the Fed.


Prince Philip: Ninety gaffes in ninety years — Independent

There are more people over 35 making $200k than there are people under 35 making $100k — TBI

Nastygram of the day, NYSE edition


This is a photo of the NYSE trading floor. It was taken on March 3 by Reuters photographer Lucas Jackson, and Reuters holds the copyright. The only permission I need to run this photo is that of Reuters. The NYSE, however, thinks otherwise:

The Fed’s secret giveaway to European banks

File under “things you never knew the Fed did during the financial crisis”: an $80 billion loan scheme known as ST OMO, which was so obscure that even Barney Frank had no idea it existed when he required the Fed to turn over its lending data in his Dodd-Frank bill.


This Jim Dwyer column would be much better if it actually tried to answer the question in its headline — NYT

Chart of the day: When U.S. companies IPO abroad

As I secretly hoped that he might, Guan came to the rescue and provided me with exactly what I was looking for — and with Thomson Reuters data, no less! (It comes from SDC Platinum, I should probably befriend someone there.) I wanted a chart of the ratio of foreign IPOs to domestic ones, for U.S. companies, on a rolling five-year basis, to see whether the current level around 10% constitutes a big spike upwards. And the answer is that yes, it does:

Are Greek bonds pricing in a massive default?

Martin Feldstein reckons that the market is pricing in a “massive” Greek default: