WSJ Editorial Board: Fed "putting Wall St. ahead of companies across middle America." "Fed is protecting Wall St first." "Employing political discretion&picking winners & losers." Thought 2008 bailouts were bad? This looks to be worse. Fed's outta control t.co/z629cqoVQm
— fred hickey (@htsfhickey) April 10, 2020
The Fed is buying JUNK BOND ETFs.
JUNK BOND.
ETFs.
It’s “JUNK” because it’s supposed to default! That’s why u get a 12% coupon you fucking idiots! They are doing cash for clunkers with corporate debt.
The Fed is a stupider counterparty than everyone on Robinhood combined!
— Quoth the Raven (@QTRResearch) April 10, 2020
🤔🤦♂️"The Facility will leverage its equity at 7 to 1 when acquiring corporate bonds from issuers that are rated below-investment grade at the time of purchase…”t.co/dL7vUYk5ZE pic.twitter.com/kCL6RuoTa7
— M/I_Investments (@MI_Investments) April 10, 2020
“Why should businesses suffer? The virus is out of their hands!”
Yes and so are disruptions in every market, all the time! Competent executives would be prepared! This has only a fucking 1.5 month shut down! If you’re going under in just a month, your balance sheet sucks ass!
— Quoth the Raven (@QTRResearch) April 10, 2020
Everything that is wrong with America, in one image. pic.twitter.com/ugrft95bAv
— Justin (@JustinAHorwitz) April 9, 2020
Bagehot: “Lend freely to solvent firms against good collateral at high rates.”
Fed 2020: “Lend freely against any junk collateral at zero rates."
— Jonathan Tepper (@jtepper2) April 10, 2020
"With the initiation of the Fed’s complete takeover and control of the US financial economy, there is now absolutely no accurate pricing discovery in the capital markets and we have entered a period of total manipulation."t.co/JcwEUw3RVT pic.twitter.com/w7aKJa5EWU
— Rudy Havenstein, trying to fight evil. (@RudyHavenstein) April 9, 2020
Longtime Wall Street trader Yra Harris quotes from back in 2017 on his fears about Fed Chair Jay Powell👇
cc: @DiMartinoBooth pic.twitter.com/rehAWLLkT0
— M/I_Investments (@MI_Investments) April 10, 2020
Welcome to Hades. The Fed today has validated every conspiracy theorist. They’ve raised Jekyll from the dead. t.co/rFSO0Y2keW
— Danielle DiMartino Booth (@DiMartinoBooth) April 9, 2020
"By now, in our unique pandemic moment, something seems all too familiar. As in 2008, the most beneficial policies and funding will be heading for Wall Street banks and behemoth corporations." pic.twitter.com/e9pkaN2Mzg
— Rudy Havenstein, trying to fight evil. (@RudyHavenstein) April 6, 2020
Yeah yeah, I know money doesn't matter. But M2 y/y just went to an all-time record (I think 13.8% was the 1976 high). It's 34.5% annualized over last 13 weeks. What could go wrong? pic.twitter.com/Yzs0AA2rYR
— Michael Ashton (@inflation_guy) April 9, 2020
Gold Ends Highest Since October 2012 as Dollar Declines on Fed Printing
The “take away for gold is extreme bullish,” said Jeff Wright, executive vice president of GoldMining Inc. “This will lead over long term to a much weaker U.S. dollar.”