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Daily Archives: January 17, 2014

Discount Window Stigma during the 2007-2008 Financial Crisis

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Discount Window Stigma during the 2007-2008 Financial Crisis. by Olivier Armantier. Eric Ghysels, Asani Sarkar, and Jeffrey Shrader. January 2011  Number 483. Revised September 2013

“We provide empirical evidence for the existence, magnitude, and economic cost of stigma associated with banks borrowing from the Federal Reserve’s Discount Window (DW) during the 2007-08 financial crisis. We find that banks were willing to pay a premium in excess of 44 basis points on average (143 basis points after the bankruptcy of Lehman Brothers) to avoid borrowing from the DW. DW stigma is economically relevant as it increased banks’ borrowing costs by up to 32.5 percent of their net income during the crisis. The implications of our results for the provision of liquidity by central banks are discussed.”

New York Fed – Introducing the Business Leaders Survey

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Jason Bram and Richard Deitz: “Today, the Federal Reserve Bank of New York begins releasing its monthly survey of regional business activity, called the Business Leaders Survey. This survey is a close cousin of our Empire State Manufacturing Survey, with some differences. The Business Leaders Survey covers the service sector rather than the manufacturing sector, and its respondents come from New York,… Continue Reading

Wells Fargo and US Bank End Bank Payday Lending

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CFA Calls on Fifth Third Bank to Discontinue Deposit Advance Product: “In a positive step forward for consumers, three of the largest providers of bank payday loans announced that they would no longer offer high-cost loans to their checking account customers. Recent findings from a report issued by the Consumer Financial Protection Bureau found that bank payday loans, commonly… Continue Reading

CDT – President Supports End to NSA Bulk Collection; Fails to Provide Clear Path Forward

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News release: “Far more needs to be done to restore the faith of the American people and repair the damage done globally to the U.S. reputation as a defender of human rights on the Internet. We certainly welcome judicial review of metadata queries, the support for more transparency about surveillance, a voice for civil liberties… Continue Reading

Vancouver Sun – How to stop the digital dark age

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DNA may be our only salvation from the relentless decay of data – BY ROGER HIGHFIELD, LONDON DAILY TELEGRAPH JANUARY 8, 2014 “Are we sliding into a dark age of information? True, there are some three thousand billion billion bytes of recorded digital information on the planet, and the figure is rapidly rising. However, most of this will be… Continue Reading

Pew – Pacific Sardines, Critical Food Source in Steep Decline

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Pew Environmental Initiatives: “The Pacific coast of North America supports one of the most vibrant and diverse marine ecosystems on Earth, largely because of the presence of thick schools of small prey fish such as Pacific sardines. Unfortunately, this crucial forage fish appears to be in the midst of a severe population decline. Its absence will be felt… Continue Reading

U.S. Military Accelerates Deployment of Clean Energy Technologies

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Pew new release:  “Deployment of clean energy technologies is accelerating across military installations operated by the U.S. Department of Defense, according to The Pew Charitable Trusts. Pew’s new report, “Power Surge,” examines how the military is using private-sector capabilities and harnessing innovative financing to obtain advanced energy systems. These projects are helping the Pentagon enhance… Continue Reading