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Posts by: Rob Parenteau

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Rob Parenteau

Rob Parenteau edits The Richebächer Letter, founded by the late Dr. Kurt Richebächer. Each issue provides an examination of the world’s currency and credit markets. Previously, he spent 24 years as Chief U.S. Economist and Investment Strategist for RCM Capital Management, an asset management firm. Rob holds a CFA and was appointed a Research Associate at The Levy Economics Institute in 2006. His papers have been presented at the Political Economy Research Institute, the Seventh and Eighth Annual Post Keynesian International Workshop, and the Eastern Economic Association.

  1. Daily Reckoning

    Why Banks Aren’t Lending • November 16, 2009

    The motivating idea behind the various U.S. bank rescue measures was to do whatever it would take to get bank loans to the private sector growing again. That mission remains distinctly unaccomplished.
    Despite all the policy machinations — from TARP capital infusions to outright asset purchases, temporary lending facilities, a near-zero fed funds rate and various …Read more…

  2. Daily Reckoning

    A Key to Escaping the Recession • November 10, 2009

    Productivity growth is one of the keys to escaping a recession.
    As you can see from the chart below, it is usually only in the first year of recovery that year-over-year labor productivity growth breaks through 4%, as it just did in Q3. When combined with hourly labor compensation growth now screwed all the way down …Read more…

  3. Daily Reckoning

    The Fed’s Real Objective in Keeping Rates Near Zero • November 5, 2009

    One of the key objectives of the Federal Reserve in pursuing these policies has been to drive investors back into riskier asset classes. By lowering the fed funds rate below 0.25% and promising to maintain a near-zero policy rate for an ‘extended period,’ the yield on near-cash instruments has all but evaporated. No surprise, then, …Read more…

  4. Daily Reckoning

    Unlabor Day • September 9, 2009

    As the summer draws to a close, the unemployment rate has stepped up 0.3%, to 9.7%, a level last seen coming out of the horrendous double-dip recession of 1980-2. Yes, private payrolls shed less than 200,000 jobs in August, which is a vast improvement over the nearly 750,000 jobs shed in the opening month of …Read more…

  5. Daily Reckoning

    The Fiat Currency Doomsday Machine • June 2, 2009

    In our younger days, when we used to rock climb, this was known as the crux – a move or series of moves that were particularly dicey and could leave you dangling from the end of rope 20-30 feet lower in a dazed state if you failed to finesse them.
    As we have documented in recent …Read more…