November 7, 2022· 45 min

Josh Younger on the Origin Story of the Shadow Banking System

Josh Younger

Orality

Model

50%

Speaker Breakdown

HostTracy Alloway(1,436 words)

M:28%

HostJoe Weisenthal(1,224 words)

M:29%

GuestJosh Younger(6,716 words)

M:29%

Oral Indicators

Agonistic31%

very, basically, completely

Engagement48%

you, our, your

Memory Aids100%

listen, so, now

Repetition100%

like (132x), they (127x), market (85x)

Parallelism100%

So why would I pay for stuff I..., And I'm Joe Weisenthal...., And, like, I get it kind of....

Sound Patterns74%

76 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases6%

you know what, i mean, so to speak

Literate Indicators

Hedging8%

could, quite, might

Passive Voice7%

is complicated, is when, are connected

Abstract Nouns24%

investment, business, verizon.com/business

Subordination7%

because, since, until

Sentence Length32%

Avg: 12.9 words/sentence

Word Complexity47%

investment, analyze, anticipate

Academic Markers0%

Impersonal Style52%

490 personal pronouns found

Descriptive Style98%

exactly, apply, monthly

Description

There are a bunch of historical analogies that people like to reach for in order to describe some of the economic trends we're seeing today. There's obviously the period of high inflation in the 1970s and early 1980s, or the disruptions caused by the Spanish Flu pandemic around 1918. But there's also a single year -- 1953 -- which not only contains some eerie similarities to today's economic environment, but also ended up having far-reaching consequences that reverberate all the way to 2022. On this episode, Josh Younger, JPMorgan's global head of asset and liability management research and strategy, tells the origin story of the decisions made in 1953 that helped create the vast repurchase or repo market. At a time when there are plenty of concerns over the stability of the market for US bonds, we go back in time to explore the reasons why repo exist at all. See omnystudio.com/listener for privacy information.

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