Purchases of uncollateralized debt, using 10-to-1 leverage beyond Congressionally allocated funds, and treating those uncollateralized bonds AS THEIR OWN COLLATERAL, reflects neither the “letter” nor the “spirit” of the law.

Purchases of uncollateralized debt, using 10-to-1 leverage beyond Congressionally allocated funds, and treating those uncollateralized bonds AS THEIR OWN COLLATERAL, reflects neither the "letter" nor the "spirit" of the law.@FederalReserve @ChrisVanHollen https://t.co/2RLow3Czz9

— John P. Hussman, Ph.D. (@hussmanjp) May 19, 2020

https://twitter.com/NorthmanTrader/status/1263056342174089216