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Comment: The High Price of Low Rates

Comment: The High Price of Low Rates

by Kerry Pechter

Wed, Aug 12, 2009

A low interest rate policy, while necessary in a crisis, acts as a tax on the average person and plants the seed for the next credit crisis, according to two NBER Working Papers published in July.

CalPERS Gives Rating Agencies an FFF

CalPERS Gives Rating Agencies an FFF

by Kerry Pechter

Wed, Jul 22, 2009

In a new lawsuit, California's state pension fund blames the 'issuer pay system' at the top three rating agencies for part of its investment losses last year.