Power & Market

Who has the best claim to government property?

The Fed expects to have “no rate increase at least through 2022.”

With countless challenges ahead, it will sadly be up to a handful of wealthy elites to steer the economy in the direction they see fit.

Unfortunately for the rest of us, all losses from the PPP will be added to the mortgage that Mnuchin and friends have taken out against our future.

This theory of pent-up demand proposes a false notion that the economy is merely incubated in some kind of suspended animation, as though all the people currently confined to their homes were effectively frozen in time, ready to resume hammering nails or typing emails with a click of the government’s magic pocket watch.

When the Fed board meets next week, they'll likely pick one of three options. They're all bad, but some are downright ugly.

The next time lockdown fetishists demand more coerced social distancing, many will say: "Social distancing didn't matter to these experts very much back during the protests in June. Why should we believe them now?"

If one were looking for clues as to why the stock market has rebounded while daily economic news grows worse, besides the Federal Reserve's Jerome Powell's "flooding of the market" with liquidity, another reason could be the flood of new punters betting on stocks, from high-flying tech shares to dead-in-the-water leisure stocks.

Executive orders are inherently suspect and generally bad, not simply because of (at this point laughable) constitutional concerns, but because they establish another layer of de facto "laws" for which you and I have little legal recourse. 

Federal Reserve operatives deliberately use vague and confusing language to mask the fact that their own policies are in fact vague, imprecise, and based on wishful thinking.