Month: May 2023

As recently as 20Q1, interest on the public debt was $549 billion at a seasonally adjusted annualized rate. During Covid, rates collapsed and despite a rapid rise in the debt, carrying costs declined to just $516.1 billion in 20Q3. They…

The reason there were no buyers for First Republic before it was seized by regulators is because buying the bank for $1 would have been insanely expensive. Generously assuming the portfolio losses equal the bank’s remaining equity, the acquirer would…