If 2005 turned out to be a lot more eventful than anyone expected—the virtual disappearance of monoline banks and the frontal assault on interchange are only two examples—then there’s no reason to expect 2006 to be boring.
The M&A outlook alone promises to give this newsletter plenty to write about: The vast amount of private equity money now looking for a home almost guarantees it, even if the recently inverted interest rate and interest swap curves may promise some sort of recession.