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Market in Perfect Equilibrium 11/8/22

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Figment of the collective imagination that that's why the market went down. Virtually the entire Primary Dealer cadre failed. The Fed bailed them all out. They were all done. Kaput. They had positioned themselves completely wrong on the bond market. When it rallied in 2008-09, they were effectively insolvent. That's why the Fed started direct QE. To get them reliquified until the could get back to solvency. Then the same thing in 2020.

Now the Fed says, fuck you. 

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