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washparkhorn

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Everything posted by washparkhorn

  1. Once the Fed pledged to stabilize back in March 2020 - with $120 billion a month flowing in to prop up the markets - it was risk on for those with appropriate capacity for risk. With the upcoming slow down in purchases by the Fed (down to $105 billion a month from $120 billion a month beginning mid-November), we will see how the markets react over the long haul. ___________________________________ Speaking of the Fed Decision: Implementation Note issued November 3, 2021 Decisions Regarding Monetary Policy Implementation The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on November 3, 2021: The Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 0.15 percent, effective November 4, 2021. As part of its policy decision, the Federal Open Market Committee voted to authorize and direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: "Effective November 4, 2021, the Federal Open Market Committee directs the Desk to: Undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent. Complete the increase in System Open Market Account (SOMA) holdings of Treasury securities by $80 billion and of agency mortgage-backed securities (MBS) by $40 billion, as indicated in the monthly purchase plans released in mid-October. Increase the SOMA holdings of Treasury securities by $70 billion and of agency MBS by $35 billion, during the monthly purchase period beginning in mid-November. Increase the SOMA holdings of Treasury securities by $60 billion and of agency MBS by $30 billion, during the monthly purchase period beginning in mid-December. Increase holdings of Treasury securities and agency MBS by additional amounts as needed to sustain smooth functioning of markets for these securities. Conduct overnight repurchase agreement operations with a minimum bid rate of 0.25 percent and with an aggregate operation limit of $500 billion; the aggregate operation limit can be temporarily increased at the discretion of the Chair. Conduct overnight reverse repurchase agreement operations at an offering rate of 0.05 percent and with a per-counterparty limit of $160 billion per day; the per-counterparty limit can be temporarily increased at the discretion of the Chair. Roll over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency MBS in agency MBS. Allow modest deviations from stated amounts for purchases and reinvestments, if needed for operational reasons. Engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency MBS transactions." In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 0.25 percent. https://www.federalreserve.gov/newsevents/pressreleases/monetary20211103a1.htm
  2. Not CRT, but DEI re-labeled as CRT spooks the herd (and translates to votes). Inflation fearmongering has/had a similar effect.
  3. Virginia was a test of the CRT playbook Repubs could use to win in 2022 and 2024. CRT = DEI to the trumper herd. DEI enjoys broad support in the corporate world, so Repubs latched onto a law school concept ("CRT") for interpreting law in legal settings and created a bogeyman called CRT in schools. Idiocracy in action. The obvious question for Repubs is why they loathe diversity, equity and inclusion?
  4. He was the co-CEO of the Carlyle Group. That's not an outsider. And the CRT bullshit shows he has no interest in truth.
  5. Durango, Colorado (or Telluride). Monterrey Peninsula
  6. The future past governor of Virginia looks like a vampire in need of fuel. Horrific lipstick on my feed.
  7. Clinton loyalist got his reward. And then loses the seat for the Party. Hubris.
  8. $2.3 trillion and counting (19 months).
  9. Under Covid emergency provision that continue, the Fed has been pumping $120 Billion a MONTH into inflated asset markets. This started in March 2020. Joe Manchin says nothing about that but cannot find it in him to consider $1.75 trillion over 10 years ($175 billion a year = $14 billion each month) for people in the United States. Morally it's abhorrent. From an economics perspective, the imbalance is illogical. Failure to maintain increases costs and increases inefficiency, leading to lower economic output and lost opportunity.
  10. The same people who pay Republicans to get in line - also pay Manchin and Sinema to get in line. I am not sure there is much authentic representative democracy left in the good old U.S. of A. What a power structure - the dimwit cultists on the far right, the crooks - plus - a corrupted Congress - plus - a Supreme Court getting demands to overrule Warren Court decisions, I suppose annihilation must sound dope to the nihilists. We live in interesting times to say the least. There is a lack of commonsense afoot.
  11. Every accusation is an admission . . .
  12. washparkhorn

    Taxes

    One plan created tax credits to account for the losses. (I believe it was the long-dead billionaire plan).
  13. washparkhorn

    Taxes

    I suspect many have @Incredulity on ignore. I do. It's his/her/its/their right-wing persona. It's so dead-on, it could be a left-wing sock (Grendel, Mr. Wizard era style). It's more Mr. Phlegm in tone - so there is some precedence for this tone as a functioning example of turdition.
  14. Fed meets tomorrow and Wednesday. On the table: when to start the taper? Mid-Nov or mid-Dec.
  15. washparkhorn

    Taxes

    These discussions go on and on - nothing changes (a design feature). Bill Moyers/Paul Krugman frame the issues well (8 years ago) on the danger of doing nothing:
  16. Mama Butt - Mary Elizabeth Holdsworth Butt - did a lot of good things for humanity. Her son (Charles) honors her, so he can't be all bad (I hope). https://holdsworthcenter.org/about-us/
  17. good. the spice must flow.
  18. Energy storage is a fundamental problem - but their are promising solutions. Simple overview of the issue. Pumped storage overview at 2:11:
  19. The President is abroad. The Vatican now. Glasgow is the centerpiece. Biden can say the US is doing better, maybe. But we certainly do not lead. G-20 will determine posture on China by potential allies. Euro wants to expand engagement with China. The Administration needs to reinforce the need for economic unity given conditions in the Pacific.
  20. The plan included a slow phase-in for the 700 billionaires. Don't you fret. From what I have read in simple terms - if one of the 700 used the asset as collateral for a loan, then the asset has been converted into income. With the armies working for the 700, they can handle it (and they know what the assets are worth in present dollars). Closing the buy-borrow-die loophole for 700 billionaires is warranted. That should be separate legislation; as evidenced by this thread, we live in a land of confusion when it comes to the ultra-wealthy (the 700 billionaires) and tax policy. The ultra-wealthy are not the enemy (well, some are (see panama papers) and some are idiots). But they all need guardrails for us to have a working representative democracy. It's not just tax policy at issue here. They need to be part of the solution. The "billionaires, please pay some taxes" proposal is dead. They have armies working for them who are quite good at what they do. Same as it ever was.
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