Word: dollarization
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...theory, all those private colleges are chartered by the state. Sure, the privacy of private colleges should be respected. I do think, however, that it's reasonable to ask private colleges to disclose a lot more information. I do think that's a fair exchange for the public dollar. And private colleges do get a lot of money from the public. They don't pay taxes. And if you're sitting on a billion-dollar endowment and you're not paying taxes on capital gains, that's a pretty good deal...
...that said, I think they'll stop buying mortgage-agency securities, and the trillion-and-a-half-dollar check that's been written over the past nine to 12 months basically disappears. It's significant from the standpoint of interest rates and interest-rate spreads in certain sectors. And I would even go so far as to say it might be a mistake. (See the best business deals...
...secondly, there's a ripple effect. Just speaking about Pimco's general portfolio strategy, we've sold our agency mortgage securities, Fannie and Freddie, in the billions to the willing check of the Fed. They're buying a trillion dollars of them, or have over the past nine to 12 months, and so we sold them a lot of ours. Now, what did we do with the money? We bought Treasuries, we bought corporate bonds, and so the bond markets in general have benefited, as have stocks, because this available money effectively flows through the capital markets...
...Treasury bonds and notes? I'd be careful about this continuing assumption that U.S. Treasuries are the place to go. There are a number of reasons to have doubts about Treasuries, not just because of America's sovereign risk but also from the standpoint of an overowned currency [the dollar]. Add on to those concerns the comments from Chinese authorities and others. They haven't said they're up to their neck in Treasuries, but you know they're getting close. (See questions and answers about retirement...
...Hainan Island barely two months into the Bush presidency. The resulting standoff reminded both sides that their economic relationship was far too important to allow a little geopolitical competition to get in the way, and that same economic relationship - with an ascendant China now bankrolling much of a trillion-dollar U.S. budget deficit - continues to shape the relationship under Obama. Sure, Obama's realpolitik has seen him refrain from some of the largely symbolic irritants to the U.S.-China relationship that Bush was willing to risk, such as meeting with the Dalai Lama or going to church in Beijing...