The hottest Financial regulation Substack posts right now

And their main takeaways
Category
Top U.S. Politics Topics

Not An Accredited Investor?

Points And Figures • 346 implied HN points • 13 Mar 26
🇺🇸 U.S. Politics Financial regulation
  1. Accredited investor status shows you can access and analyze complex private investments, which matters for someone managing a large public portfolio and sitting on investment boards.
  2. Non-accredited people are legally barred from many private funds and deals. If they invest anyway it can break the law and create havoc for other investors.
  3. Managing a state treasury requires prior hands-on experience with sophisticated investments and a strong sense of fiduciary responsibility; it’s not a job you should be learning on the fly.

The St. Louis Fed reminding me I can still be surprised

Erdmann Housing Tracker • 105 implied HN points • 16 Mar 26
đź’° Finance Financial regulation
  1. The 2008 mortgage crackdown was a huge, lasting drop in buyer demand that reshaped housing markets, and leaving it out of explanations leads to misleading conclusions about rising prices.
  2. Most post-2009 price gains happened in the cheapest neighborhoods because investors bought up homes left unattainable to denied buyers, so investor activity often signals the mortgage access collapse rather than acting as an independent cause.
  3. Homebuilding capacity fell after 2008 and completions remain well below pre-crisis levels, meaning supply shifted left and affordability worsened; treating the crash as an inevitable, unquestioned correction blocks better policy thinking.

Top Links 1009 The phases of US wage stagnation and growth. Stress testing. Roman trade routes and existential historicism.

Chartbook • 515 implied HN points • 10 Feb 26
đź’° Finance Financial regulation
  1. US wages have moved through clear phases of stagnation and growth, and recognizing those phases helps explain current patterns of inequality and labor-market dynamics.
  2. Stress testing is an essential tool for exposing weaknesses in financial systems and institutions by simulating extreme scenarios before real crises occur.
  3. Examining Roman trade routes highlights how long-distance economic networks shaped societies, and an existential historicist view shows how those deep structural forces change cultural meanings over time.

A Huge Retraction, the Usual Playbook, and Reason for Optimism

The Honest Broker Newsletter • 2973 implied HN points • 03 Dec 25
🌞 Climate & Environment Financial regulation
  1. A major climate‑economics paper was retracted for substantial errors after more than a year, even though it had become highly influential in media and policy.
  2. Many powerful institutions and some outlets initially downplayed or continued to rely on the flawed results, highlighting how entrenched science can shape real‑world financial and policy decisions.
  3. There are hopeful signs of correction: critics and better journalism brought problems to light, and some experts argue research should focus more on targeted, practical questions instead of sweeping long‑range macro projections.

How the Financial System Invented “Climate Risk” Untethered from Climate Science

The Honest Broker Newsletter • 2227 implied HN points • 15 Dec 25
đź’° Finance Financial regulation
  1. The financial sector framed a new category called "climate risk" and built a regulatory and commercial ecosystem around it, treating it as a novel systemic threat to global finance.
  2. That risk has been measured mainly by economic losses from extreme-weather events, which often mixes up rising damages with actual changes in weather rather than accounting for exposure and vulnerability.
  3. Financial actors argue historical climate data is a poor guide and have pushed new scenarios, models, and private vendors to quantify "climate risk," creating a large market influence despite questions about the scientific basis.
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The Fed's New Target: Part I

Concoda • 281 implied HN points • 10 Jan 26
đź’° Finance Financial regulation
  1. The Fed is moving away from targeting an unsecured overnight fed‑funds rate and toward a secured repo benchmark as its main policy rate to reduce volatility and strengthen control over money markets.
  2. The Fed has started large reserve injections and new permanent open‑market operations that have compressed overnight money‑market rates and prevented year‑end plumbing stress.
  3. As a result, banks’ balance sheets are set to expand, the repo market will become central to rate setting, and the unsecured interbank market’s role is likely to shrink.

Top Links 967 Baskets of tech CDS. Chip smuggling. Male resentment & the Ernst JĂĽnger of South Tirol.

Chartbook • 329 implied HN points • 30 Dec 25
đź’° Finance Financial regulation
  1. US companies issued about $1.7 trillion of investment-grade bonds in 2025, much of it to fund AI infrastructure, raising worries about a corporate debt glut.
  2. The links cover a wide range of topics including large baskets of tech CDS, chip smuggling, and cultural/political pieces such as male resentment and a South Tirol figure compared to Ernst JĂĽnger.
  3. This is a curated collection of top links and images presented as a paid newsletter, with some posts offered for free access while others require a subscription.

Financial Big Brother is Watching You

TK News by Matt Taibbi • 8813 implied HN points • 07 Feb 24
🇺🇸 U.S. Politics Financial regulation
  1. Financial institutions are using transaction data to monitor for 'extremism indicators' like certain purchases or travel patterns.
  2. Financial surveillance, enhanced by AI, allows institutions to create detailed profiles of individuals and potentially restrict their access to financial services.
  3. The rise of 'political credit scores' may lead to non-illegal behaviors being punished effectively, similar to how speech is censored.

Warsh Or Not, The Fed’s Next Chair Will Inherit Too Much Power

QTR’s Fringe Finance • 23 implied HN points • 04 Feb 26
đź’° Finance Financial regulation
  1. The Fed has turned crisis tools into permanent powers, like a standing repo facility and huge emergency lending programs, without clear sunset clauses or limits.
  2. Those powers let the Fed act beyond its original mandate — extending credit to borrowers Congress never explicitly authorized and exercising wide regulatory discretion, as seen in decisions around crypto banks.
  3. Weak oversight and accountability (no independent inspector general and only semiannual Congressional checks) invite political pressure and create moral hazard, making firms more dependent on the Fed and eroding its independence and credibility.

A loan offer you can’t refuse

Klement on Investing • 5 implied HN points • 20 Feb 26
đź’Ľ Business Financial regulation
  1. When a company is downgraded to junk, bank loan availability falls sharply — about a 10% drop in the year after and roughly 30% cumulatively over five years.
  2. That sudden loss of bank financing pushes distressed CEOs and CFOs to seek alternatives, and the chance of mafia infiltration rises by roughly 5% after a downgrade.
  3. Financial distress is a key catalyst for organized‑crime infiltration because banks pull back when firms need money most, leaving a financing gap crime groups can exploit.

What 'Institutional Ready' Means for Emerging VC Funds (X-Post)

Law of VC • 268 implied HN points • 25 Jun 25
đź’Ľ Business Financial regulation
  1. Emerging VC funds need to show they are 'institutional ready' to attract capital. This means they must have solid operational practices like audits and compliance in place.
  2. The venture capital landscape is changing, with large funds dominating the capital flow. Many emerging managers are now developing structured approaches to compete effectively.
  3. To succeed, emerging funds should build a strong foundation early on. Having a clean data room and understanding institutional requirements can set them apart in a crowded market.

Lawler: Median Existing Home Sales Prices: Oops, They Did It Again

CalculatedRisk Newsletter • 23 implied HN points • 14 Jan 26
đź’° Finance Financial regulation
  1. The NAR sharply revised up its November median existing-home prices—especially in the Northeast—so preliminary numbers understated recent price gains and further revisions are possible.
  2. Because the NAR released its report earlier than usual, local realtor/MLS data were limited and some sales and inventory figures (for example versus Realtor.com) look inconsistent or may reflect definitional changes.
  3. Most of the recent rise in 30‑year mortgage rates comes from a wider primary/secondary mortgage spread driven by higher GSE guarantee fees and increased servicing/origination and regulatory costs, while higher MBS yields account for only about 3 basis points of the roughly 57 bp increase.

Monetary Policy Is Monetary Piracy

QTR’s Fringe Finance • 28 implied HN points • 06 Jan 26
đź’° Finance Financial regulation
  1. State-run monetary policy acts like theft because creating money for private banks concentrates wealth with insiders and helps cause recurring financial crises.
  2. Money and banking should be separated from the state; legal tender laws and special banking privileges (like protections for fractional-reserve lending) enable monetary piracy and should be repealed so people can choose competing currencies.
  3. A free market for money, grounded in private property and competition, would produce sounder money and make financial actors accountable to customers rather than the state.

The Bear Cave #259

The Bear Cave • 513 implied HN points • 02 Feb 25
đź’° Finance Financial regulation
  1. New reports from activist investors reveal concerns about companies like Mercury General and FTAI Aviation. These reports suggest significant financial issues and mismanagement that could affect stock prices.
  2. There's a new tool called FOIAsearch.com that makes it easier to find information about SEC investigations and FOIA requests. This can help investors spot potential problems in companies earlier.
  3. Recent executive resignations in companies like Compass Minerals and NextEra Energy indicate instability. Frequent leadership changes can create uncertainty about the company's future.

UnblockFi

DeFi Education • 339 implied HN points • 01 Oct 23
đź”® Crypto Financial regulation
  1. BlockFi has officially confirmed its chapter 11 bankruptcy plan. They will be winding down operations under the control of creditors.
  2. Celsius's bankruptcy process is nearing completion, as creditors have agreed to the necessary steps.
  3. These updates highlight the ongoing issues within the cryptocurrency industry, especially related to financial management and customer trust.

Top Links 623 The billionaire rally. NYC's taxi-insurance Ponzi scheme. Obvious bollocks about sterling assets & monster wolves in Japan.

Chartbook • 314 implied HN points • 19 Jan 25
đź’° Finance Financial regulation
  1. There's a strong focus on the impact of billionaires on the economy, hinting at a rally or surge among them. This suggests wealth concentration is becoming a big topic of discussion.
  2. The mention of a proxy involving NYC's taxi-insurance points to issues around trust in financial systems and possible schemes that hurt everyday people.
  3. References to rumors about sterling assets and unusual wildlife in Japan show how sometimes wild stories can capture attention, but they might not hold any truth.

Enovix (ENVX) - Anatomy of a Lie (PART 1)

ESG Hound • 866 implied HN points • 05 Jul 23
đź’° Finance Financial regulation
  1. Enovix Management has repeatedly misled customers about their manufacturing capabilities and volumes.
  2. Management at Enovix made significant downgrades to their production capacity without updating investors.
  3. ENVX has exhibited a pattern of dishonesty through inaccurate statements to investors and regulatory agencies.

The Repo Market Blindspot

Concoda • 475 implied HN points • 25 Jul 23
đź’° Finance Financial regulation
  1. Monetary leaders are delving into the secretive world of the Repo Market Blindspot.
  2. Following the 2008 crisis, efforts were made to stabilize the global dollar paradigm.
  3. The focus is now on regulating the non-centrally cleared bilateral repo market to prevent potential instability.

Stripe, Substack Demand Financial Details from Authors

Who is Robert Malone • 29 implied HN points • 18 Mar 24
🇺🇸 U.S. Politics Financial regulation
  1. Financial privacy and free speech rights may be impacted by Stripe and Substack's demand for financial details from authors.
  2. There are concerns over the potential for comprehensive financial information to be accessed, hacked, or used in ways that infringe on individual privacy and rights.
  3. The demand for financial details is viewed as potentially contributing to a greater control over freedom of speech and raising concerns about a financial social credit system.

A Repeat of the Housing Crisis: The Biden Administration’s Loan Level Price Adjustment

QTR’s Fringe Finance • 31 implied HN points • 03 May 23
🇺🇸 U.S. Politics Financial regulation
  1. The Biden Administration proposed a Loan Level Price Adjustment that could lead to a repeat of the housing crisis.
  2. The LLPA rule would subsidize riskier borrowers while penalizing those with good credit scores and larger downpayments.
  3. The LLPA is criticized for being unconstitutional, unfair, and potentially causing macroeconomic instability.

Issue #78: X Gets Licenses in Multiple U.S. States, Open Banking Payments Are On The Up And A Partnership Between Hallmark And Venmo Brings New Meaning to 'Embedded Finance'

Fintech Radar • 6 implied HN points • 04 Sep 23
đź’Ľ Business Financial regulation
  1. Elon Musk's X obtaining licenses in multiple U.S. states to process payments, entering into the fintech space.
  2. UK experiencing a surge in open banking payments, with significant growth in single domestic payments.
  3. Hallmark and Venmo partnering to allow sending money in physical greeting cards, showcasing embedded finance innovation.

Tax policy

Musings on Markets • 0 implied HN points • 29 Jan 11
đź’° Finance Financial regulation
  1. The average U.S. company pays about 29% in taxes on its taxable income, which is higher than many companies in other countries.
  2. U.S. companies experience much more variation in tax rates due to a complicated tax code, which can lead to unequal tax burdens.
  3. Investment and borrowing decisions should focus on economics rather than the tax code, but simplifying taxes might require sectors to shift their tax responsibilities.

The insider trading scandal: Thoughts about the hedge fund business

Musings on Markets • 0 implied HN points • 25 Nov 10
đź’° Finance Financial regulation
  1. Hedge funds and mutual funds have different rules about how they can invest. Hedge funds can take more risks like short selling and using borrowed money, which changes the game for their managers.
  2. Hedge funds usually serve wealthier clients who expect quick results. This can create pressure on managers to perform, leading some to seek illegal insider information for an edge.
  3. The way hedge fund managers are paid makes them more likely to chase high rewards, even if it involves big risks. This could be one reason why insider trading happens more often in hedge funds compared to mutual funds.

Marty Lipton: Shareholder Champion, Stakeholder Protector or Management Tool?

Musings on Markets • 0 implied HN points • 10 Mar 13
đź’Ľ Business Financial regulation
  1. Activist investors are not necessarily short-term thinkers. Studies show that they often hold onto their investments longer than many passive investors, and they focus on getting companies to do what's best for their shareholders.
  2. It's okay for activists to speak out and share their opinions. Just like other investors, they have the right to use media to explain their views and more open discussions can help companies improve.
  3. Long-term shareholders actually benefit from activist investors. These activists push for changes that can help improve a company's performance and protect shareholders from unaccountable management.