Custom Search

Tuesday, June 10, 2008

Really Scary Fed Charts: JUNE, 'Just' 1% of GDP Now


In my last update Really Scary Fed Charts MAY: False Alarm? I presented two different views on the continued rapid deterioration of the U.S. financial system.

Over at CalculatedRisk they are being interpreted as a “false alarm” in Non-Borrow Reserves and the Fed’s Balance Sheet.

Over at MarketTicker they are being interpreted as evidence that “the system as a whole is insolvent” in Tall Tale Tuesday.

Another month and another couple billion later, the Fed Charts just keep getting scarier.

Last month Total Borrowings of Depository Institutions from the Federal Reserve (BORROW) were around $140 billion.

Total Borrowings now amount to about $155 billion

Allow me to put that into context:
1) The entire Bush stimulus package was $145 billion.
2) The stimulus packages was 1% of GDP

How comfortable are you with the fact that stricken financial firms have borrowed the equivalent of 1% of GDP from the Federal Reserve? (Oh sweet baby Jesus, you better hope Ben ‘Helicopter’ Bernanke really really knows what he’s doing…)

Last month Non-Borrowed Reserves of Depository Institutions (BOGNONBR) were around negative $90 billion.

The balance sheets of almost all financial institutions, whether they are depository institutions or prime brokers, will deteriorate further. They have to. The vast majority of their balance sheets are now in the Level 2 or 3 asset buckets. I can’t imagine that these assets are currently being undervalued or even conservatively valued.

That’s just now how these fellows roll.

It’s Wall Street.

Clearly the credit crunch is far from over… (BORROW/BOGNONBR)

Most of this nightmare is the result of Bernanke’s new, innovative, and numerous liquidity facilities.

Related Posts:
TAF, TSLF, PDCF Explained.
Fact Sheet: Bush Stimulus Package

42 comments:

Mista B said...

Incredibly honest statement you will never hear from Wall Street or the media: "The vast majority of their balance sheets are now in the Level 2 or 3 asset buckets. I can’t imagine that these assets are currently being undervalued or even conservatively valued."

Personally, I'd take it a step further: there's no way those assets are being undervalued or conservatively valued. The writedowns that would result from such actions would put the institution that effected them out of business. Credit crisis over? Not by a long, long, long shot. This will take years. Why? We're talking about mortgages. One can only take a guess about who will and won't be paying in the future. (And I doubt the banks want to make an honest guess.) Boy oh boy just wait until Alt-a, neg-am, prime, and credit card defaults start weighing heavily on the system. At this point, they're only blips on the screen.

DKenny said...

That $150B number doesn't even include the swaps program the Fed has set up. You have to triple that up to realize that these banks unloaded illiquid crap on the Fed, plus, the Bear Stearns assets sitting on the book.

Nothing to see here, move along.

Anonymous said...

Am I alone in feeling that the Fed's governing Statute may not allow nor contemplate these new unheard-of facilities?
In other words was the Fed action in rescuing Bear legal at all? And if it was illegal?
As no one seems ready for the consequences if this is the case it's no wonder no one mentions the possibility...
Was the Bear action (now hinted to be a once-only deal, looking at Lehman) an illegal bail-out of Bears' counterparties (looking at Carlyle Funds outcome in that case) at the expense of Bears' shareholders and employees, and most of all the US taxpayer?
Is this Bush family crony capitalism? As legal as the invasion of Iraq? With facts as scarce and unreliable as to what's happening on the ground and behiond the scenes? With the same people paying for it? The same people profiting by it?
I've not read the Fed's governing Statute, but this Administration has stated that as far as what it sees as the security of the Am. People is concerned it will act as it sees fit regardless of what the Law may be...they will make it legal.
As Paul Volcker said "Why not bail out K-Mart as well?"
Naive me, I thought Congress held the purse-strings, not a GWBush appointee looking out for Carlyle's balance sheet...

Ben Bittrolff said...

Danny,

Good eye! I forgot to explicitly state that these data series EXCLUDE the TAF facility. In my previous posts on the subject I would always add them back in.

Ha! The numbers got so large I overlooked a couple $100 billion...

Hehe...

Anonymous said...

baskets puma future cat low engine noirBon March¨¦ Chaussure Sports Shop:puma future low catChaussure Puma Femme,Chaussure Puma Homme,Chaussure Nike Femme,Chaussure Nike homme,future cat low engineChaussure Sport et plus. Livraison Rapide.Paypal

Anonymous said...


免費視訊聊天,辣妹視訊,視訊交友網,美女視訊,視訊交友,視訊交友90739,成人聊天室,視訊聊天室,視訊聊天,視訊聊天室,情色視訊,情人視訊網,視訊美女
一葉情貼圖片區,免費視訊聊天室,免費視訊,ut聊天室,聊天室,豆豆聊天室,尋夢園聊天室,聊天室尋夢園,影音視訊聊天室,

辣妹視訊,美女視訊,視訊交友網,視訊聊天室,視訊交友,視訊美女,免費視訊,免費視訊聊天,視訊交友90739,免費視訊聊天室,成人聊天室,視訊聊天,視訊交友aooyy
哈啦聊天室,辣妺視訊,A片,色情A片,視訊,080視訊聊天室,視訊美女34c,視訊情人高雄網,視訊交友高雄網,0204貼圖區,sex520免費影片,情色貼圖,視訊ukiss,視訊ggoo,視訊美女ggoo
080苗栗人聊天室,080中部人聊天室ut,ut影音視訊聊天室13077,視訊做愛,kk777視訊俱樂部,上班族聊天室,聊天室找一夜,情色交友,情色貼片,小瓢蟲情色論壇,aio交友愛情館

Anonymous said...

1)
cheap hair straighteners
chi hair straightener
chi flat iron

new polo shirts
cheap Lacoste polo shirts
cheap Lacoste polo shirts

cheap handbags
cheap bags
puma chaussures
chaussures puma
chaussure puma

Men's North Face
Women's North Face


hair straighteners
sexy lingerie store
cheap ugg boots
tattoo wholesale
men's clothing
women's clothing


2009 nike shoes
new nike shoes
Women's max
Men's max 93
nike shox
Nike air force
Nike air max 2003
nike air max ltd
nike air max tn
Nike air rift
Nike air Yeezy
nike airmax
Nike air max 90
Nike air max 97
nike birds nest shoes
nike dunk
nike RT1 shoes
nike SB
nike shox shoes
Nike shox OZ shoes
Nike shox R2 shoes
Nike shox R3 shoes
Nike shox R4 shoes
Nike shox R5 shoes
Nike shox TL3
nike trainers lovers

tennis rackets
Wilson tennis rackets
HEAD tennis rackets
Babolat tennis rackets

Anonymous said...

Fashion trends change on daily basis, like Cheap GHD Straighteners (you can get it from a GHD Outlet), Why not get rid of your old straighteners to buy new GHDs? There is another kind hair straightener, called CHI hair Straighteners. Do you want to buy Discount GHD Styler? Following the latest in designer shades has become a passion of everyone, now 2010 Cheap Sunglasses, or we can say 2010 Discount Sunglasses. If

you are the type of a woman who loves to explore in fashion, our Sunglasses Outlet will definitely satisfy your

taste, because as you can see, we wholesale Sunglasses. Designer shades with optical grade lenses are important to

protect our eyes from the sun. Don’t forget us-- Sunglasses Wholesale. Ed hardy streak of clothing is expanded

into its wholesale ED Hardy chain so that a large number of fans and users can enjoy the cheap ED Hardy Clothes range easily with the help of numerous secured websites, actually, our discount ED Hardy Outlet. As we all know, in fact Wholesale Ed Hardy,

is based on the creations of the world renowned tattoo artist Don Ed Hardy. Why Ed hardy wholesale? Well, this

question is bound to strike the minds of all individuals. Many people may say cheap Prada is a joke, but we can

give you discount Prada, because we have Prada Outlet.

Almost everyone will agree that newest Prada handbags are some of the most beautiful designer handbags (Prada handbags 2010) marketed today. The reason is simple: fashion prohibited by AnkhRoyalty, in other words, we can write it as Ankh Royalty the Cultural Revolution. Straightens

out the collar, the epaulette epaulet, the Ankh Royalty Clothing two-row buckle. Would you like to wear Ankh Royalty Clothes?Now welcome to our AnkhRoyalty Outlet.

Anonymous said...

Fashion trends change on daily basis, like Cheap GHD Straighteners (you can get it from a GHD Outlet), Why not get rid of your old straighteners to buy new GHDs? There is another kind hair straightener, called CHI hair Straighteners. Do you want to buy Discount GHD Styler? Following the latest in designer shades has become a passion of everyone, now 2010 Cheap Sunglasses, or we can say 2010 Discount Sunglasses. If you are the type of a woman who loves to explore in fashion, our Sunglasses Outlet will definitely satisfy your taste, because as you can see, we wholesale Sunglasses. Designer shades with optical grade lenses are important to protect our eyes from the sun. Don’t forget us-- Sunglasses Wholesale. Ed hardy streak of clothing is expanded into its wholesale ED Hardy chain so that a large number of fans and users can enjoy the cheap ED Hardy Clothes range easily with the help of numerous secured websites, actually, our discount ED Hardy Outlet. As we all know, in fact Wholesale Ed Hardy, is based on the creations of the world renowned tattoo artist Don Ed Hardy. Why Ed hardy wholesale? Well, this question is bound to strike the minds of all individuals. Many people may say cheap Prada is a joke, but we can give you discount Prada, because we have Prada Outlet. Almost everyone will agree that newest Prada handbags are some of the most beautiful designer handbags (Prada handbags 2010) marketed today. The reason is simple: fashion prohibited by AnkhRoyalty, in other words, we can write it as Ankh Royalty the Cultural Revolution. Straightens
out the collar, the epaulette epaulet, the Ankh Royalty Clothing two-row buckle. Would you like to wear Ankh Royalty Clothes?Now welcome to our AnkhRoyalty Outlet.

ai said...

polo boots
It's all about fierce glamour with high octane gloss and lashings of sparkle as fabrics go metallic with shimmering luxe finishes. Forpolo shoes
, gloriously excessive embellishment is absolutely key, championed at cheap herve leger outlet
and Elie Saab.

Unknown said...

Nike has won great honor nick shoxfor producing and providing verynick shox shoes comfortable shoes to consumers all over the world.shox shoes Nike shoes were produced initially air jordanfor the basketball players only in 1985.nike shoes With the passage of time these nike trainersDunks shoes became very popular Air jordan 1among public and new styles Air jordan 2were introduced. They are popular Air jordan 3among public for their durability Air jordan 4and comfort. These basketball shoes Air jordan 5have transformed into a fashionAir jordan 6 icon suitable for all category Air jordan 7people.

combattery84 said...

SONY NP-FM70 Battery
SONY NP-33 Battery
SONY NP-F970 Battery
SONY NP-FP90 Battery
FUJITSU Lifebook C2220 battery
FUJITSU Fpcbp63 Battery
FUJITSU Fpcbp68 Battery
FUJITSU Fpcbp77 Battery
FUJITSU Fpcbp78 Battery
FUJITSU Fpcbp79 Battery
FUJITSU Fpcbp95 Battery
FUJITSU Fpcbp98 Battery
FUJITSU Fpcbp121 Battery
FUJITSU Fpcbp151 Battery
FUJITSU lifebook t4010 Battery
FUJITSU lifebook t4020d Battery
GATEWAY NX7000 battery
UNIWILL 258-4S4400-S1P1 Battery
TOSHIBA PA3307U-1BRS Battery
TOSHIBA PA3383U-1BRS Battery
TOSHIBA PA3384U-1BRS Battery
TOSHIBA PA3465U-1BRS Battery
Toshiba PA2487UR battery
Toshiba A100 Battery
Toshiba Satellite A105 battery
Toshiba A70 battery
PA3062U-1BAT battery
Toshiba Satellite P30 battery

combattery84 said...

Toshiba PA3084U-1BRS battery
Toshiba PA3098U battery
PA3107U-1BAS battery
PA3107U-1BRS battery
PA3166U-1BRS battery
PA3176U-1BAS battery
TOSHIBA PABAS076 Battery
Toshiba pa3399u-1brs battery
TOSHIBA PA3399U-2BAS Battery
TOSHIBA PA3421U-1BRS Battery
TOSHIBA PA3456U-1BRS Battery
TOSHIBA Pa3356u-1brs battery
Satellite a10 battery
Pa3331u-1brs battery
Satellite m30 series battery
Satellite pro m30 battery
TOSHIBA PA3399U-1BRS Battery
Portege m300 battery
TOSHIBA PA3285U-1BRS Battery
Canon BP-2L5 Battery
Canon BP-508 Battery
JVC BN-VF707U Battery
JVC BN-VF707 Battery
JVC BN-VF733 Battery
JVC BN-V408U Battery
BN-V408 Battery
CANON NB-2L Battery
CANON NB-2LH Battery
CANON BP-511 battery

combattery84 said...

TOSHIBA PA3456U-1BRS Battery
TOSHIBA Pa3356u-1brs battery
Satellite a10 battery
Pa3331u-1brs battery
Satellite m30 series battery
Satellite pro m30 battery
TOSHIBA PA3399U-1BRS Battery
Portege m300 battery
TOSHIBA PA3285U-1BRS Battery
Canon BP-2L5 Battery
Canon BP-508 Battery
JVC BN-VF707U Battery
JVC BN-VF707 Battery
JVC BN-VF733 Battery
JVC BN-V408U Battery
BN-V408 Battery
CANON NB-2L Battery
CANON NB-2LH Battery
CANON BP-511 battery
Battery
Laptop Battery
Camcorder Battery
Digital Camera Battery
Mobile Phone Battery
PDA Battery
acer laptop battery
asus laptop battery
apple laptop battery
dell laptop battery
fujitsu laptop battery
hp laptop battery

combattery84 said...

ibm laptop battery
sony laptop battery
toshiba laptop battery
CANON Camcorder Battery
JVC Camcorder Battery
PANASONIC Camcorder Battery
SHARP Camcorder Battery
SONY Camcorder Battery
NOKIA Mobile Phone Battery
APPLE M8403 battery
APPLE A1078 Battery
APPLE A1079 battery
APPLE A1175 battery
APPLE a1185 battery
APPLE A1189 battery
Acer aspire 5920 battery
Acer btp-arj1 battery
Acer LC.BTP01.013 battery
Acer ASPIRE 1300 battery
Acer ASPIRE 1310 battery
Acer Aspire 1410 battery
Acer ASPIRE 1680 battery
ACER BTP-63D1 battery
ACER BTP-43D1 battery
Acer lc.btp05.001 battery
Acer aspire 3000 battery

loveshoes said...

Ladies,Christian Louboutin Pumpswanna own a pair of sexy shoes as the celebrities?herve leger Guys, Monclerare you still drain your brains for what presents to choose for your girls?
christian louboutin heels
Here comes the best Christian Louboutin high heels with the most competitive prices.Christian Louboutin Sandals Christian Louboutin high heels are your best choicechristian louboutin black. A good amount of fashionable styles are here for you to choose from,Hermes Birkin come and find the on es thatbelongt oyou. Christian Louboutin Boots You will find it is absolutely worth purchasing! christian louboutin discount

Unknown said...

If you have been having no problems UGG Classic Short in running or racing, it would be hard to recommend a change of shoe. It is difficult, if not impossible to improve Classic Short Boots upon a situation in which all is going great. I would advise getting a few pairs of what seem to be your Classic Short ugg boots favorite shoes before the manufacturer changes the shoe. Historically unannounced changes are often made by manufacturers. This can vary from a subtle change in the cushioning around the heel to a major Classic Short uggs structural midsole change. Manufacturers have discontinued a model of shoe, only to resume production a few years later ugg 5825 with a line of shoes boasting the same name, but with completely different characteristics

Anonymous said...

Harmony BorbonTobie WelfordJesse HaireKevin DygertLonnie HineyEmery SkolfieldAleida BasoreAlbertina PloskerFredric BrelsfordErnie Pilarski

generic viagra online said...

Thanks for this great contribution.



Smith Alan

Anonymous said...

Heat and rotary polishing each strand of chi hair,chi flat iron which gives you incredible shine and style!
You can use a treatment shampoo and conditioner.chi flat irons Professional Hair can be expensive. You have intuition, but you have no tools to style. You do not really need tools. You just have to

Instyler

online viagra generic said...

Is this going to bring a change in balance sheet? This is to be very thoughtful ideas. The rate of GDP would be rather getting a change. Thanks for sharing this.

Anonymous said...

Fashion News: flat ironBurke on the track, glaciers Chanel and Amy Winehouse for Fred Perry

Several designers flipped birdghd gift set the French government during Paris Fashion Week: In the middle of heated debate underway in the country in connection with the prohibition of the burqa, designers and Francois Girbaud Marithé

Jean Charles de Castelbajac UGG Lo Pro Button Boots and the Burka in their interpretation of events.

Anonymous said...

karen millen
karen millen dresses
karen millen outlet

Metformin 850 mg said...

http://anti-diabetic.com

Unknown said...

The factors you need to be aware of zigtech, the two most important is the durability and Comfort of the zigtech reebok. Paying for high price for reebok from a reputable brand is not a bad idea As They must have used better quality reebok shoes that will withstand The Elements is zigtech shoes. A well manufactured jacket Will show at Signs of Reebok Easytoneeasytone reebok tone and easytone shoes should be easy to use.

Metformin 500 mg said...

With great pleasure I read your blog. The information is very interesting. My gratitude to you.

kamagra said...

Hey,This is a great chart.Scary but interesting chart.
buy online generic viagra
kamagra jelly online

wholesale electronice said...

The blog is good one. I like the design of the blog engine.

generic viagra pharmacy said...

Thanks a lot for this nice research and development. and creating this nice report. I like this chart....


Smith Alan

cocktail dresses said...

The blog is good one. I like the design of the blog engine.

Formspring Clone said...

Thanks for the post. I liked it. Keep going I follow you.
Quora Clone
Formspring Clone Script

Anonymous said...

Nike Air Max 2011
Nike Air Max Shoes
Nike Air Max
Nike Air Max Wildwood Supreme
Nike Air Max Turbulence
Nike Air Max Skyline
Nike Air Max Goadome
Nike Air Max Fitsole
Nike Air Max Zenyth
Nike Air Max Boots
Nike Air Max Zoom Kobe
Nike Air Max Tn
Nike Air Max LTD
Nike Air Max Presto
Nike Air Max BW
Nike Air Max 24 7
Nike Air Max 2010
Nike Air Max 2011
Nike Air Max 2009
Nike Air Max 95
Nike Air Max 91
Nike Air Max 87
Nike Air Max 180
Nike Air Max Griffey Max 1
Nike Air Max 90
Nike Air Max 1
Abercrombie and Fitch London
Abercrombie & Fitch Clothes
Vibram Shoes
Cheap Air Max

airbnb clone said...

Such a wonderful post. It was very interesting and meaningful.
Clone Scripts| Angry birds flash| Angry birds flash| airbnb clone|

New nike soccer shoes said...

I like football, prefer the beautiful and stylish football shoes to introduce aNike soccer cleats.
Prefer Nike mercurial vapor superfly

thatverygood said...

What kind of 1/4 mile ETs and trap speeds should I run New Balance 1500 Shoes at BPU(TM)-only?

It varies WIDELY depending on driver skill. As well as Nike Zoom Kobe 1 track conditions, elevation above sea level, ambient temperatures, Supra Cuban 1.5 Shoeshumidity, and pre-race preparation. But most fall between 12.3 to Lebron James Sneakers12.9 ets with 112 to 119mph trap speeds on street tires. Times can Adidas EQT Water Grip Shoes drop well into the 11s with drag radials, a good driver, and good Les Femmes de UGG Broome conditions, as well as proper pre-race preparation.

Super Bowl 2012 said...

Such a wonderful post. Keep posting. I follow you.
Web Design| Web Development| Web Development Company|

Your Escort Agency said...

Your Escort Agency offers exclusive and most beautiful London escort girls of various nationalities.

ugg clearance sale said...

The EVA outsoles current provides a great offer of traction and cushioning and stay obvious of any probabilities of strain inside the feet.Moncler Online one can stays apart from a great offer of discomfort even although placing on this sort of beautiful UGG boots.Ugg Boots Outlet UGG boots from Mezoboots.Ugg Outlet Store com are quite lightweight and so are designed of EVA/rubber.Uggs boots uk These UGG boots are built to ensure which they could possibly be used devoid of socks only. Our boots that take place to be designed of pure sheepskin are this sort of which they adjust by themselves according for the dimension by stretching the leather.Ugg Clearance Sale I do not experienced very much make any difference picking among several possibilities current inside the website.ugg outlet It's effortless to decide on the size, the colours as well as the design and design that you simply need within your UGG boots within your website.Ugg Boots Clearance Sale I acquired my pair of UGG boots within of 5 times of placing my purchase inside the internet website - mazoboots.com. The UGG boots that take place to be supplied inside the internet website are also not prized the sky.uggs clearance Most using the traditional assortment is supplied for much lower than hundred dollars.uggs clearance That is typically a wonderful bargain and I am preparing to purchase one more one. subsequent all, these quite brightness unwanted fat UGG boots can perform wonders to feet. blog.ugg boots usa. Ugg UK. Ugg Boots Outlet. ugg australia uk. Ugg Boots UK. Ugg Online Store

significante seo said...

Thanks for the article, very effective information.

buy viagra cheap said...

Please one more post about that.I wonder how you got so good. This is really a fascinating blog, lots of stuff that I can get into. One thing I just want to say is that your Blog is so perfect

London escorts said...

Bestescort4U agency provids best London escorts companionship in the UK.

Lehenga sarees said...

I was very happy to search out this internet-site.I wished to thanks on your time for this excellent learn!! I positively enjoying every little bit of it and I’ve you bookmarked to take a look at new stuff you blog post.