OT: 110th Obsequious Banter Thread: Giving 110% and more

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The zombie economics of big "L" Libertarians is always precious in times of financial turmoil..nothing new.


There's always a huge amount of 'well, if it helps *ME* then it's ok." like Senators who voted against Hurricane Sandy relief when it was for the Northeast, but when a disaster hits Texas or Florida or Kentucky... Suddenly they're asking "where's the relief money? Hurry it up!"
 
There's always a huge amount of 'well, if it helps *ME* then it's ok." like Senators who voted against Hurricane Sandy relief when it was for the Northeast, but when a disaster hits Texas or Florida or Kentucky... Suddenly they're asking "where's the relief money? Hurry it up!"
Government and the "nanny" state are only good when they "spend" for the special interests that grease the politicians palms or when they legislate to dismantle rights they don't like.

I remember back in the day blogging and challenging all the free market idealogues telling them it was a myth and their Ayn Rand garbage was cynical BS. Then the financial crisis hit, they became quiet and the bailouts and all the mea culpas from the likes of Jamie Dimon or Mr Bubble Greenspan were chortled..."we didn't see it coming, " aww shucks financial crisis are acts of God that happen naturally every 10-20 years and can't be prevented so make us money lenders (gamblers/bondholders) whole and put main street in the hole."

Same shit different decade..rinse, repeat, consolidate...rip off regular folk etc...
 
What is scary is that the Fed has pretty much run out of ideas....they shot their load backstopping the entire market..including junk bonds when Covid hit. They are limited now...they can't fire up the printing presses with another liquidity laxative....countries are not buying our debt like before so it's going to be more expensive to service all the existing debt let alone print new debt. Then you have the debt ceiling situation making us look like a banana republic. Fed though will have to cut rates again and probably "backstop" the bond market to try to stem the current sell off but then inflation will get out of control and job losses which hurts main street. We have a stagflationary debt crisis on the horizon...basically a hybrid of the 70 and 80's crisis'. Going to be an interesting year to say the least... .
 
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Lending facility.....posting their remaining Treasuries as collateral....

Too bad those Treasuries will be suspect long term..inverted yield curves are becoming increasingly the norm..

Guess we'll see if the Fed can stem the bleeding.



 
So....if the FDIC and Treasury backstop the bad bets of venture capitalists on behalf of depositors is that not a bailout and moral hazard? There is like tons of banks with unrealized losses right now ...something like 620 billion worth (see chart) although have seen larger figures including 1 trillion in uninsured deposits. If depositors decide to do a bank run digitally again like SVB experienced where 500K a second was being withdrawn via online and mobile banking there will be a whole lot of pain to go around...they are just buying time as noted.



EDIT: This is a very good rundown of what happened..


Update: Of course....

 
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So, I'm watching the World Baseball Classic and the British are playing Canada. They just mentioned that there is a pub in London (apparently a chain of pubs actually) called "Passyunk Avenue". American Dive Bars & Restaurants | Passyunk Avenue London

In Philadelphia, dive bars are the cultural centers of the city. We’ve created authentic dive bars in London for American Expats and aficionados alike to hang out, guzzle down American beer, eat authentic American food, watch the Superbowl and other sports like college football, basketball and baseball. But, don’t expect shiny new decor – just enjoy the relaxed vibe and frank and friendly service in one of our venues that have been obsessively curated to mimic life in a Philly dive bar.

@Appleyard - what do you know about this?

I have never been in but been past. Apparently it is alright.
 
So, I'm watching the World Baseball Classic and the British are playing Canada. They just mentioned that there is a pub in London (apparently a chain of pubs actually) called "Passyunk Avenue". American Dive Bars & Restaurants | Passyunk Avenue London

In Philadelphia, dive bars are the cultural centers of the city. We’ve created authentic dive bars in London for American Expats and aficionados alike to hang out, guzzle down American beer, eat authentic American food, watch the Superbowl and other sports like college football, basketball and baseball. But, don’t expect shiny new decor – just enjoy the relaxed vibe and frank and friendly service in one of our venues that have been obsessively curated to mimic life in a Philly dive bar.

@Appleyard - what do you know about this?
Heading to London next week. I'll try and stop in
 
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