Submitted by Taylor Cottam of Economy Politics
Another Call For The Fed To Raise Rates, So Big Banks Can Start Lending And Hiring Again
As we explained in our previous article Seeking an interest rate solution,
real interest rates are negative and nominal short term interest rates
are near zero. That is not healthy. What is a healthy interest rate? My
view is that short term rates should be above 1% to make them positive
and closer to 2%. It has caused consumer credit to contract.
Of course, banks would argue that a healthy spread is the key to a
healthy banking sector. Raising the rate would likely flatten the yield
curve. What gives?
How banks really make money
Banks are not in the business of making loans per se. They are in the
business of making more off their assets than their liabilities. In
normal times, underwriting consumer and business loans are the best
avenue for them to pursue that goal.
Banks, and many hedge funds, really make money off the yield curve. They
have assets with a higher duration than their liabilities. Although
banks fund their assets with a mix of checking, demand deposits and some
longer dated term deposits (CDs), they have the ability to swap out
longer term deposits (CDs) to make their liabilities duration almost
zero. Their assets, which are typically loans to consumers and
businesses, have a longer duration. Since the yield curve almost always
slopes upward, they make money off the yield curve spread plus the
credit spread.
In 2008, I did some modeling for a large financial institution that had
duration of liabilities of roughly 3.5 years, based upon mostly term
deposits. They were able to bring the duration on their entire
liabilities portfolio down to a duration of less than 0.25 (3 months) by
transacting a simple fixed for floating amortizing swap based upon
their CD maturity schedule. Every quarter, with the 3 month rate sunk
below 25 bps, we would receive a large cash settlement from our
investment bank counterparty. I didn't stick for the full term of the
swap, but on a 1.5 BB principal, our estimate of earnings from the swap
alone stood at $100MM over three years. Based upon where short term
rates have stayed, they could have made 1.5 times that.
With our cost of capital below 25 bps, we did the thing that any
rational person would do. We stopped lending to people and
businesses and lent to the US government instead. We bought Treasuries.
In this case, the 5-year yields were above 2% bringing our expected
risk free spread above 2 points.
In 2008 and 2009, when it became obvious that Bernanke would likely
leave short-term rates low for an extended period of time, yield curve
risk became an afterthought. Those actions have been largely vindicated.
If we held the Treasuries for at least three years, the term of the
swap, we would just sit back and make money off the spread without
having to originate a single loan.
You get to be a bank, without having to do any work to originate loans.
Who needs a large origination group, when you can make a ton of money
and fire half of your employees?
Pushed or Pulled into Treasuries
During the recession there was often talk of a flight to quality.
Investors would flee risky assets and go into something safe. However,
investors are not always being pushed, they are often pulled. During the
recession, we began seeing a very steep yield curve. The spread
investors are as much lured by the allure of easy money with a steep
yield curve as they are by the fear of risky assets.
There’s a lot of buzz about small business funding these days. The issue has become a major one not only in the small business community but also among government leaders. It’s certain that finding the funds for your small business venture, especially until cash flow becomes regular, is a challenge every small business owner or entrepreneur faces. If you’re facing this issue, we hope the resources below will help. If there is a creative way you have dealt with this issue yourself, please let us know in the comment section below. We would love to hear.
Basics
Four tips for raising cash. Raising money for your business venture is always a challenge and more so in a challenging economic climate. But tough times shouldn’t stop a determined entrepreneur from getting under way…whether investment is easy to come by or not. Open Forum
Praying for the help of angels. This simple post gives first-time entrepreneurs a detailed overview of the angel investor’s world. But more importantly, it takes a look at why angels invest and the kinds of businesses they prefer to invest in. If you’re seeking investment for your business start-up, it’s best to know what invest are looking for…including angels. The Smart Startup
Policy
U.S. program brings entrepreneurs/investors together. Venture capital investor Brad Feld talks about the newly unveiled Startup America Partnership as proof Washington “gets it” when it comes to promoting entrepreneurship. While we’re sure any program putting entrepreneurs and investors together can’t be all bad, a look at lowering taxes and revisiting the potentially harmful healthcare law would help as much as investment Brad. Feld Thoughts
Startup America boosts funding. Another post celebrates the federal program aiming at putting together entrepreneurs with investors. Here Aneesh Chopra, United States Chief Technology Officer, explains and praises the program. Getting funding to startups has become a major focus of government policy, but how will this translate to the broader small business community? Tech Crunch
Startups
New startup aims at providing capital for small business. A new company is trying to automate the loan process allowing small businesses to get an evaluation then apply for funding online. In essence, On Deck Capital takes the classic business approach of finding a problem and solving it. In this case, the problem is finding a better way to get investment for other small businesses. DealBook
Trends
Groundhog Day predictions. Yes, Punxsutawney Phil, the famous groundhog, made his own predictions for the length of winter and the coming of Spring, but small business experts are making their own predictions too. Here are five small business predictions for Spring from a variety of sources, not surprisingly a few touching upon small business funding and its availability. Business News Daily
Small businesses get more credit card offers. Credit card companies will be making more offers to small businesses, according to recent media reports. But could entrepreneurs be too worried about taking on extra debt to take advantage of this opportunity? Read Rieva Lesonsky’s detailed overview of this new funding option and what it means. Small Business Trends
Resources
A whole new fundraising frontier. Could social media be the next frontier for small business fundraising in the same way that it has been for marketing and networking? Enter Kickstarter and other similar sites that turn to online communities as a way of funding projects. Could it be right for your funding needs? Open Forum
Raising capital: a how-to guide. Putting together funding for a small business has never been easy. Still it can be one of the most important skills an entrepreneur possesses. Still, getting started with the fundraising process for your small business is not rocket science. Here are some basic steps to get you started. Open Forum
News
Is small business funding still plagued by discrimination? A settlement as a result of a discrimination suit filed against the U.S. Small Business Administration has apparently still not resolved the issue of whether the federal agency is bias toward minority applicants for business funding. What’s your take on whether the federal loan program could be impeding investment in small business especially in minority or under-served communities? NYTimes
From Small Business TrendsSmall Business News: Small Business Funding Facts
benchcraft company scamLicorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
benchcraft company portland or Submitted by Taylor Cottam of Economy Politics
Another Call For The Fed To Raise Rates, So Big Banks Can Start Lending And Hiring Again
As we explained in our previous article Seeking an interest rate solution,
real interest rates are negative and nominal short term interest rates
are near zero. That is not healthy. What is a healthy interest rate? My
view is that short term rates should be above 1% to make them positive
and closer to 2%. It has caused consumer credit to contract.
Of course, banks would argue that a healthy spread is the key to a
healthy banking sector. Raising the rate would likely flatten the yield
curve. What gives?
How banks really make money
Banks are not in the business of making loans per se. They are in the
business of making more off their assets than their liabilities. In
normal times, underwriting consumer and business loans are the best
avenue for them to pursue that goal.
Banks, and many hedge funds, really make money off the yield curve. They
have assets with a higher duration than their liabilities. Although
banks fund their assets with a mix of checking, demand deposits and some
longer dated term deposits (CDs), they have the ability to swap out
longer term deposits (CDs) to make their liabilities duration almost
zero. Their assets, which are typically loans to consumers and
businesses, have a longer duration. Since the yield curve almost always
slopes upward, they make money off the yield curve spread plus the
credit spread.
In 2008, I did some modeling for a large financial institution that had
duration of liabilities of roughly 3.5 years, based upon mostly term
deposits. They were able to bring the duration on their entire
liabilities portfolio down to a duration of less than 0.25 (3 months) by
transacting a simple fixed for floating amortizing swap based upon
their CD maturity schedule. Every quarter, with the 3 month rate sunk
below 25 bps, we would receive a large cash settlement from our
investment bank counterparty. I didn't stick for the full term of the
swap, but on a 1.5 BB principal, our estimate of earnings from the swap
alone stood at $100MM over three years. Based upon where short term
rates have stayed, they could have made 1.5 times that.
With our cost of capital below 25 bps, we did the thing that any
rational person would do. We stopped lending to people and
businesses and lent to the US government instead. We bought Treasuries.
In this case, the 5-year yields were above 2% bringing our expected
risk free spread above 2 points.
In 2008 and 2009, when it became obvious that Bernanke would likely
leave short-term rates low for an extended period of time, yield curve
risk became an afterthought. Those actions have been largely vindicated.
If we held the Treasuries for at least three years, the term of the
swap, we would just sit back and make money off the spread without
having to originate a single loan.
You get to be a bank, without having to do any work to originate loans.
Who needs a large origination group, when you can make a ton of money
and fire half of your employees?
Pushed or Pulled into Treasuries
During the recession there was often talk of a flight to quality.
Investors would flee risky assets and go into something safe. However,
investors are not always being pushed, they are often pulled. During the
recession, we began seeing a very steep yield curve. The spread
investors are as much lured by the allure of easy money with a steep
yield curve as they are by the fear of risky assets.
There’s a lot of buzz about small business funding these days. The issue has become a major one not only in the small business community but also among government leaders. It’s certain that finding the funds for your small business venture, especially until cash flow becomes regular, is a challenge every small business owner or entrepreneur faces. If you’re facing this issue, we hope the resources below will help. If there is a creative way you have dealt with this issue yourself, please let us know in the comment section below. We would love to hear.
Basics
Four tips for raising cash. Raising money for your business venture is always a challenge and more so in a challenging economic climate. But tough times shouldn’t stop a determined entrepreneur from getting under way…whether investment is easy to come by or not. Open Forum
Praying for the help of angels. This simple post gives first-time entrepreneurs a detailed overview of the angel investor’s world. But more importantly, it takes a look at why angels invest and the kinds of businesses they prefer to invest in. If you’re seeking investment for your business start-up, it’s best to know what invest are looking for…including angels. The Smart Startup
Policy
U.S. program brings entrepreneurs/investors together. Venture capital investor Brad Feld talks about the newly unveiled Startup America Partnership as proof Washington “gets it” when it comes to promoting entrepreneurship. While we’re sure any program putting entrepreneurs and investors together can’t be all bad, a look at lowering taxes and revisiting the potentially harmful healthcare law would help as much as investment Brad. Feld Thoughts
Startup America boosts funding. Another post celebrates the federal program aiming at putting together entrepreneurs with investors. Here Aneesh Chopra, United States Chief Technology Officer, explains and praises the program. Getting funding to startups has become a major focus of government policy, but how will this translate to the broader small business community? Tech Crunch
Startups
New startup aims at providing capital for small business. A new company is trying to automate the loan process allowing small businesses to get an evaluation then apply for funding online. In essence, On Deck Capital takes the classic business approach of finding a problem and solving it. In this case, the problem is finding a better way to get investment for other small businesses. DealBook
Trends
Groundhog Day predictions. Yes, Punxsutawney Phil, the famous groundhog, made his own predictions for the length of winter and the coming of Spring, but small business experts are making their own predictions too. Here are five small business predictions for Spring from a variety of sources, not surprisingly a few touching upon small business funding and its availability. Business News Daily
Small businesses get more credit card offers. Credit card companies will be making more offers to small businesses, according to recent media reports. But could entrepreneurs be too worried about taking on extra debt to take advantage of this opportunity? Read Rieva Lesonsky’s detailed overview of this new funding option and what it means. Small Business Trends
Resources
A whole new fundraising frontier. Could social media be the next frontier for small business fundraising in the same way that it has been for marketing and networking? Enter Kickstarter and other similar sites that turn to online communities as a way of funding projects. Could it be right for your funding needs? Open Forum
Raising capital: a how-to guide. Putting together funding for a small business has never been easy. Still it can be one of the most important skills an entrepreneur possesses. Still, getting started with the fundraising process for your small business is not rocket science. Here are some basic steps to get you started. Open Forum
News
Is small business funding still plagued by discrimination? A settlement as a result of a discrimination suit filed against the U.S. Small Business Administration has apparently still not resolved the issue of whether the federal agency is bias toward minority applicants for business funding. What’s your take on whether the federal loan program could be impeding investment in small business especially in minority or under-served communities? NYTimes
From Small Business TrendsSmall Business News: Small Business Funding Facts
benchcraft company portland orLicorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
benchcraft company scam[reefeed]
bench craft company reviews
bench craft company reviewsLicorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
benchcraft company portland orSubmitted by Taylor Cottam of Economy Politics
Another Call For The Fed To Raise Rates, So Big Banks Can Start Lending And Hiring Again
As we explained in our previous article Seeking an interest rate solution,
real interest rates are negative and nominal short term interest rates
are near zero. That is not healthy. What is a healthy interest rate? My
view is that short term rates should be above 1% to make them positive
and closer to 2%. It has caused consumer credit to contract.
Of course, banks would argue that a healthy spread is the key to a
healthy banking sector. Raising the rate would likely flatten the yield
curve. What gives?
How banks really make money
Banks are not in the business of making loans per se. They are in the
business of making more off their assets than their liabilities. In
normal times, underwriting consumer and business loans are the best
avenue for them to pursue that goal.
Banks, and many hedge funds, really make money off the yield curve. They
have assets with a higher duration than their liabilities. Although
banks fund their assets with a mix of checking, demand deposits and some
longer dated term deposits (CDs), they have the ability to swap out
longer term deposits (CDs) to make their liabilities duration almost
zero. Their assets, which are typically loans to consumers and
businesses, have a longer duration. Since the yield curve almost always
slopes upward, they make money off the yield curve spread plus the
credit spread.
In 2008, I did some modeling for a large financial institution that had
duration of liabilities of roughly 3.5 years, based upon mostly term
deposits. They were able to bring the duration on their entire
liabilities portfolio down to a duration of less than 0.25 (3 months) by
transacting a simple fixed for floating amortizing swap based upon
their CD maturity schedule. Every quarter, with the 3 month rate sunk
below 25 bps, we would receive a large cash settlement from our
investment bank counterparty. I didn't stick for the full term of the
swap, but on a 1.5 BB principal, our estimate of earnings from the swap
alone stood at $100MM over three years. Based upon where short term
rates have stayed, they could have made 1.5 times that.
With our cost of capital below 25 bps, we did the thing that any
rational person would do. We stopped lending to people and
businesses and lent to the US government instead. We bought Treasuries.
In this case, the 5-year yields were above 2% bringing our expected
risk free spread above 2 points.
In 2008 and 2009, when it became obvious that Bernanke would likely
leave short-term rates low for an extended period of time, yield curve
risk became an afterthought. Those actions have been largely vindicated.
If we held the Treasuries for at least three years, the term of the
swap, we would just sit back and make money off the spread without
having to originate a single loan.
You get to be a bank, without having to do any work to originate loans.
Who needs a large origination group, when you can make a ton of money
and fire half of your employees?
Pushed or Pulled into Treasuries
During the recession there was often talk of a flight to quality.
Investors would flee risky assets and go into something safe. However,
investors are not always being pushed, they are often pulled. During the
recession, we began seeing a very steep yield curve. The spread
investors are as much lured by the allure of easy money with a steep
yield curve as they are by the fear of risky assets.
There’s a lot of buzz about small business funding these days. The issue has become a major one not only in the small business community but also among government leaders. It’s certain that finding the funds for your small business venture, especially until cash flow becomes regular, is a challenge every small business owner or entrepreneur faces. If you’re facing this issue, we hope the resources below will help. If there is a creative way you have dealt with this issue yourself, please let us know in the comment section below. We would love to hear.
Basics
Four tips for raising cash. Raising money for your business venture is always a challenge and more so in a challenging economic climate. But tough times shouldn’t stop a determined entrepreneur from getting under way…whether investment is easy to come by or not. Open Forum
Praying for the help of angels. This simple post gives first-time entrepreneurs a detailed overview of the angel investor’s world. But more importantly, it takes a look at why angels invest and the kinds of businesses they prefer to invest in. If you’re seeking investment for your business start-up, it’s best to know what invest are looking for…including angels. The Smart Startup
Policy
U.S. program brings entrepreneurs/investors together. Venture capital investor Brad Feld talks about the newly unveiled Startup America Partnership as proof Washington “gets it” when it comes to promoting entrepreneurship. While we’re sure any program putting entrepreneurs and investors together can’t be all bad, a look at lowering taxes and revisiting the potentially harmful healthcare law would help as much as investment Brad. Feld Thoughts
Startup America boosts funding. Another post celebrates the federal program aiming at putting together entrepreneurs with investors. Here Aneesh Chopra, United States Chief Technology Officer, explains and praises the program. Getting funding to startups has become a major focus of government policy, but how will this translate to the broader small business community? Tech Crunch
Startups
New startup aims at providing capital for small business. A new company is trying to automate the loan process allowing small businesses to get an evaluation then apply for funding online. In essence, On Deck Capital takes the classic business approach of finding a problem and solving it. In this case, the problem is finding a better way to get investment for other small businesses. DealBook
Trends
Groundhog Day predictions. Yes, Punxsutawney Phil, the famous groundhog, made his own predictions for the length of winter and the coming of Spring, but small business experts are making their own predictions too. Here are five small business predictions for Spring from a variety of sources, not surprisingly a few touching upon small business funding and its availability. Business News Daily
Small businesses get more credit card offers. Credit card companies will be making more offers to small businesses, according to recent media reports. But could entrepreneurs be too worried about taking on extra debt to take advantage of this opportunity? Read Rieva Lesonsky’s detailed overview of this new funding option and what it means. Small Business Trends
Resources
A whole new fundraising frontier. Could social media be the next frontier for small business fundraising in the same way that it has been for marketing and networking? Enter Kickstarter and other similar sites that turn to online communities as a way of funding projects. Could it be right for your funding needs? Open Forum
Raising capital: a how-to guide. Putting together funding for a small business has never been easy. Still it can be one of the most important skills an entrepreneur possesses. Still, getting started with the fundraising process for your small business is not rocket science. Here are some basic steps to get you started. Open Forum
News
Is small business funding still plagued by discrimination? A settlement as a result of a discrimination suit filed against the U.S. Small Business Administration has apparently still not resolved the issue of whether the federal agency is bias toward minority applicants for business funding. What’s your take on whether the federal loan program could be impeding investment in small business especially in minority or under-served communities? NYTimes
From Small Business TrendsSmall Business News: Small Business Funding Facts
benchcraft company portland or
benchcraft company portland orLicorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
bench craft company reviews
bench craft company reviewsLicorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
bench craft company reviewsLicorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
bench craft company reviewsLicorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
how to lose weight fast benchcraft company portland or benchcraft company portland or
benchcraft company scam benchcraft company portland orLicorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
bench craft company reviews Click Here to Start Making Money with CashCrate TodayMy
CashCrate Review explains how to make money online by completing free offers and surveys. Once you sign up for CashCrate, you can immediately begin completing offers and earning a paycheck. It's that simple. To help you out, I will review CashCrate as in depth as possible to make you more money. How does CashCrate Work?
Top companies pay lots of money to reach potential customers by offering their products/services for free. When you complete one of these offers, companies pay CashCrate for your participation. CashCrate then forwards a large percentage (around 75%) of the received earnings to you! Most CashCrate offers are lead generation based, meaning you exchange information for a cash payout.
The information you provide to complete offers doesn't have to be your real e-mail address or phone number. You can obtain a free e-mail address using G-mail, grab a private phone number online, and create other secondary contact addresses to protect your personal information.
Join CashCrate How to Complete your 1st Offer
CashCrate provides you with hundreds of offers to complete every day. The key is to pick and choose offers that are easy to complete and have high payouts. The more high paying offers you complete, the more money you will make. Simple as that. So how do you find the best offers?
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Cashcrate members must accumulate at least $10 in earnings before receiving a payout via check. Payments are processed on the 20th of every month, which is similar to Google Adsense's payout schedule. Tips on Getting CashCrate Referrals
CashCrate members can earn referral commissions when they refer their friends to the program. If you're making decent money with CashCrate, why not tell your friends as well so they can earn some money online too?
There are a number of ways to tell your friends to join your referral network:
- Add your referral code to forum signatures
- Use business cards to promote your referral code
- Start a CashCrate blog
- E-mail your Friends and tell them about CashCrate
- Make a flyer that promotes Cash Crate and your referral URL
- Participate in the CashCrate forum and possibly sign up new visitors to CashCrate
- Promote your earnings in a forum or message board, and tell others how to make money with CashCrate
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Sign Up with CashCrate big seminar 14Licorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
big seminar 14Licorice may be a natural alternative to antibiotics on hog farms, plus more in this week's news.
CleanTechnica: Cleantech innovation news and views's authors are supported by a revenue-sharing agreement with the company that operates CleanTechnica: Cleantech innovation news and views, Important Media. Of course, it's never enough ...
Wireless carrier cites 'unprecedented' demand for the device in asking employees to postpone purchase plans, according to a memo obtained by AppleInsider. Read this blog post by Steven Musil on Apple.
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