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BOND ROUT!!!! (Now With Additional Exclamations)

Ten years ago today, one of Carlyle Group’s mortgage funds, Carlyle Capital Corp (CCC), was seized by creditors. Precipitated by dwindling liquidity, the fund’s effective insolvency would amplify those global “dollar” pressures and lead to Bear Stearns’ untimely demise mere days later. The fund’s corporate parent issued a statement on March 6, 2008, that read:…

201209.16
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Wile E. Coyote Monetary Policy

Remember those Road Runner cartoons when you were kid? The hapless Coyote chased the Road Runner, laying trap after trap for him which all failed in some spectacular fashion with the Coyote inevitably bearing the brunt of the destruction. In almost every episode there came a time when the Coyote found himself rushing toward a…