Morgan Ricks
2.5K posts
@MorganRicks1
Vanderbilt law prof. Formerly U.S. Treasury (crisis team), Citadel (risk arb), Merrill Lynch (FIG inv. banking), Wachtell (M&A). Read my book The Money Problem
🧵 / Fordham Law School welcomes three distinguished new faculty members to the faculty this fall. Joseph Fishman (@jpfishman) is an expert on intellectual property, particularly within the music industry.
Once a year I get a student asks “why do we need private banks, wouldn’t the govt be more efficient?” Previously I would give a long unconvincing answer like innovations in underwriting etc. This year I asked what they thought about Trump deciding who did and did not get loans.
On the question of returning to scarce reserves regime, Fed Governor Waller says « scarcity has never been and never will be efficient ». Adds that in economics scarcity never increases welfare. Calls the idea of returning. The balance sheet from ample to scarce regime « stupid »
New episode! Richard Berner on Growth of the Private Credit and the Role of Fiscal Dominance on Treasury Markets Richard of the @NYU_VRI and @DavidBeckworth discuss the potential problems caused by the Treasury Secretary issuing mainly on the short end of the curve.
More macro! Aaron Klein (@AarondKlein) explains to @DavidBeckworth how the Fed might have contributed to the change in young people’s voting patterns in the last election.
