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Read this on the market freakout

The problem is not that Powell didn't do enough. The problem is that nobody else is doing anything.

Nothing from the White House or Congress. Nothing from the ECB, BOE etc. Nothing from Germany etc.

bloomberg.com/news/articles/…
We're looking at what is credibly the most serious threat to the global economy since the financial crisis, and everyone's sitting on their hands, wanting to "see more data' and "maintain credibility." etc. Only Powell getting out there and acting.
The fact that we have yet to see a story like "Mnuchin and Pence have gone to the hill to whip up a fiscal package with Pelosi and McConnell" is astonishing.
I think this changes by the end of the week. The mass cancellation of basically every event you can think of has got to be buffeting all kinds of businesses. bloomberg.com/news/articles/…
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More from @TheStalwart see all

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Joe Weisenthal
@TheStalwart
Ok, I'm going to do a quick thread addressing one of the most common objections I got here, which is people saying that the repo rate spike last September was the somehow the real market clearing rate, and that the Fed is now "artificially" suppressing the level. /1
First of all, I get why people think this. If the price of oil crashed, and the yield on junk renergy bonds jumped 1000 basis points, and the Fed came in and said "we're going to buy energy debt until the move reverses," that would be indeed be suppressing credit market signs. /2
But that is not a proper analogy for what happened in September with the repo market spike. As a reminder, this is what the spike looked like. /3
Read 12 tweets
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Joe Weisenthal
@TheStalwart
A fairly common misonception involves thinking that the constraints on government spending are like that of a business or household.

But there's another less discussed misconception, which that the objectives for government spending are similar to a private enterprise.
Earlier I tweeted that the Fed should give Treasury overdraft protection, and I got several responses that the Treasury would just spend even more. But that's nonsense. There's no evidence that Congress would suddenly desire to spend more, and Congress is the limiting factor.
If a business were given an infinite overdraft, then you would expect the business to spend more on investment, stock buybacks and so on

But the motivations for politicians -- even in a country like the UK where the government is less divided -- isn't to spend to full potential.
Read 7 tweets
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Joe Weisenthal
@TheStalwart
Since people keep saying things like “The Fed is injecting billions of dollars into this market and that’s why everything is going up” I want to argue real quickly why this is illiterate nonsense. 1/
The most important thing to understand is that “liquidity” isn’t a thing, so much as it is a condition, or characteristic of a given market. /2
I'm sure academics will complain about my definition. But basically liquidity measures the ease or speed with which one can trade at the fair price of an asset. /3
Read 12 tweets

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Jennifer Taub
@jentaub
🧵 Here we go! Tweeting the @HouseJudiciary impeachment inquiry hearing. Witness will be Corey Lewandowski, former Trump Campaign manager. Chairman Nadler gaveled in at 1:16 p.m.

1/
@HouseJudiciary Nadler: All elements of obstruction of justice were met, according to Mueller Report. Today examining the President enlisting Lewandowski to get Sessions to shut down Mueller investigation.

2/
@HouseJudiciary President knows that anyone else (but a sitting president) would be charged with a crime. White House blocked Porter and Dearborn from showing up today. Spurious legal doctrine. WH also used when committee called McGahn to testify. This "absolute immunity" is made up

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Positive Money Europe
@PositiveMoneyEU
Tomorrow the European Parliament will host a hearing with Christine @Lagarde, in order to confirm her appointment as #ECB president. Ahead of the session, Lagarde answered 70 questions from MEPs - we read them all so you don't have to. THREAD👇europarl.europa.eu/meetdocs/2014_…
1/ On the positives: Lagarde wants the #ECB to make climate change a priority. She committed to ensure the ECB plays an active role in the @NGFS_ and, "as soon as such a taxonomy is agreed, the ECB will need to assess whether and how it can apply it to QE."
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Brad Heath
@bradheath
White House lawyers told Rep. Nadler today that Congress' Russia investigation is not a "legitimate exercise of oversight authority," and said they would decline to comply with some requests for evidence because of "our respect for the rule of law."
This is a pretty audacious argument and in line with one President Trump's private lawyers made yesterday in court, to the apparent dismay of a federal judge.
White House lawyers say it's improper for Congress to investigate the president's conduct when the Justice Department has already investigated him.
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❀ 𝘼𝙣𝙖𝙗𝙚𝙡𝙡𝙚 ❀
@DemocracyJourno
White House tells Congress that if it wants documents from former counsel Donald McGahn, it must seek White House approval. washingtonpost.com/news/politics/…
McGahn to not comply with congressional subpoena.
Attorney General William Barr still believes special counsel Robert Mueller should be allowed to testify before Congress, despite Pres. Trump's apparent objection, according to a source familiar with the attorney general's thinking. abcn.ws/2Hapdnc
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Karol 🌿
@karolcummins
🏆Congress🏆

🏆Power of Oversight🏆

Upon carrying out its Constitutional obligations of oversight, it is up to Congress—not Bill Barr and not Robert Mueller—to determine if Trump is fit to be president and whether or not any of his behavior rises to the level of impeachment.
🏆Congress🏆

Mueller:

“The conclusion that Congress may apply the obstruction laws to the President’s corrupt exercise of the powers of office accords with our Constitutional system of checks and balances and the principles that no person is above the law.”
🏆Congress🏆

Sounds like an impeachment referral.

The Mueller report paints a very damning portrait of Trump.

It paints a picture of someone who knew RU was interfering, invited that interference, & then did everything in his power to stop the inv’n into that interference.
Read 50 tweets
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Vapaus
@sakkoira
Thread: things #white people are accused of doing wrong. Sometimes it's not even about doing, it's simply about white people being.

#TooManyWhitePeople

#NotDiverseEnough

#WhitePeopleTalking

#WhitePeopleNotTalking

#WhiteDomain #WhitesStole

And no doubt more along the way..
"Is your spin class too...white?" 🤔

#TooManyWhitePeople #WhatToDo?
The unbearable whiteness of cycling..." 😬

#TooManyWhites #WhatToDo?
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Trending hashtags

#ebc #Germany #DriveSafe #NoNRAMoney #GiletsJaunes #GilletsJaunes #Acte19 #bankit #Sanction #BOJ #ClassicalMusic #DespiertaChile #slippery #nafatica #RobinHood #PAM #boe #LePen #DAX #nothing #WhatToDo #TenThings #HealthyAging #BikeShare #NationalSchoolWalkout

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