Liz Warren Has Been Right 5/3/23

[DrStool]

You sexist pigs who complain about her can stick that in your pipes and smoke it. 

Meanwhile, the markets keep holding their own, despite the financial system crashing and burning all around them. Stocks are a safe haven and an inflation hedge. Bonds are neither, but institutional investors keep buying them because that's what they are mandated to do. 

As for my incomprehensible charts of the hourly EsS, 24 hour S&P futures, don't blame me. The market made me do it. 

Look, I don't know where the fuck this is headed. Because the market is running around like a chicken with its head cut off. Because it is. The head of the chicken is Show Me The Money Jerry Powell. The body is clueless investors and traders who don't know what to think from one minute to the next. 

Like me. 

Meanwhile, look for resistance around 4137, coming down to 4129 at the time of the FOMC Circus barker announcement, followed by Jerry's Gaslight Dog and Pony Show. Nothing will matter until all is said and done, and the market has digested Powell's bald faced lies. 

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For moron the markets, see:

• Don’t Go Short if This One Thing Happens May 1, 2023
• Swing Trade Chart Picks – The Future is One Word – Baking Soda April 26, 2023
• Gold’s Lost Luster Will Shine Again April 25, 2023
• Enjoy the Market Mirage Now Because We’re Really In a Desert April 24, 2023
• The Fed’s Circle Jerk, is ‘Twerking? April 18, 2023
• Here’s How We Know That Doom Has Already Arrived April 6, 2023
• Macro Liquidity Says No Way Jerray! April 4, 2023
• How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023
• Systemic Meltdown Under Way As Dead Bodies Finally Start Surfacing March 12, 2023
• Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023

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[sandy beach]

10 minutes ago, DrStool said:

You sexist pigs who complain about her can stick that in your pipes and smoke it.

That was completely uncalled for. Please delete my account.

[DrStool]

If the shoe fits wear it. 

If you want to call someone a liar, back it up. "You can tell she's lying." This is bullshit. How can YOU tell she's lying. Because it seems to me that she's told the truth more than just about any other national politician. 

I've watched these attacks on her and Yellen from the rabid right and kept my mouth shut for long enough.  It's mindless sexism. 

Meanwhile, I don't see too many people complaining about Powell's lies. Yeah, they complain about his policy, but the man is a moral Caligula and nobody mentions that.

But they have the audacity to call Warren a liar?

I'll call her Liz Warn. Because she did, and she's been dead right for decades throughout this mess. 

Same shit with Yellen. Mindless attacks against her that were completely devoid of fact. 

I've had all I can stand and I'm not gonna take it any more. 

[potatohead]

back to our regularly scheduled program

 

[fxfox]

😳

[DrStool]

I've been really patient. Today though, I finally lost my temper. 

 

[DrStool]

3 minutes ago, fxfox said:

😳

While issuing replacement debt.  

[fxfox]

1 minute ago, DrStool said:

While issuing replacement debt.  

Ah ok. So net effect dhould be more or less zero?

[DrStool]

Can't pay down debt if you're running a deficit. Always must borrow more. 

Buybacks are a pipedream. Of course market participants want it. They are choking on this shit and have nobody to sell too. 

Bankers and dealers smoking crack. 

[Jimi]

1 hour ago, DrStool said:

If you want to call someone a liar, back it up. 

I believe this remains the earliest document on which Warren attested with her signature to being "American Indian." It dates to 1986.

My mom said she believed my uncle/her brother's physical appearance suggested our family had Native American ancestry. As the ca. 2012 article from which I took the document above (and the link for which I provide below) observes...

Quote

Undocumented claims of Native American ancestry, especially those based on family lore, are not uncommon in this country. 

No. They are not. As I know from my own.

A year before Warren wrote that her race was "American Indian" on the document above, I heard word of a high school classmate who was said to have checked "American Indian" on her college applications. It was done cynically, and instead of attending Berkeley, she attended Columbia. I can't assert cause & effect between the alleged checked box and her educational options.  Back when Warren's representations began, and when my classmate allegedly did what she did, this claim certainly conferred Affirmative Action program advantage.

Quote

Warren first listed herself as a minority in the Association of American Law Schools Directory of Faculty in 1986, the year before she joined the faculty of the University of Pennsylvania Law School. She continued to list herself as a minority until 1995, the year she accepted a tenured position at Harvard Law School.

The former chairman of the American Association of Law Schools, David Bernstein, told the Herald that the group’s directory once served as a tip sheet for administrators. “In the old days before the Internet, you’d pull out the AALS directory and look up people,” he said. “There are schools that, if they were looking for a minority faculty member, would go to that list and might say, ‘I didn’t know Elizabeth Warren was a minority.’” 

https://www.washingtonpost.com/blogs/fact-checker/post/everything-you-need-to-know-about-the-controversy-over-elizabeth-warrens-claimed-native-american-heritage/2012/09/27/d0b7f568-08a5-11e2-a10c-fa5a255a9258_blog.html

Ten years is a long time to have yourself listed as "Minority" in a Directory of Faculty. There is plenty of deniability on Warren's part, and it is misfortunate that the public figure who made greatest political hay about this all is a detestable fraudster from Queens.

But I don't care what deniability she might successfully bring to the table. I followed her story closely, because the basis of her claim seemed as flimsy & familiar as one I might have made at a time when I and others understood it to confer advantage.

So... if I call Warren "a liar," I'm comfortable with the charge. Does any of that detract from notable stuff she did, some alluded to in the article? Not in any way - I remember watching her on CSPAN after the GFC and before she entered politics and being extremely impressed.  I knew who she was before she ran for Senate.

But I'll go further:  I think she was a self-serving cynical fucking liar when she made her claim... which isn't that big a surprise, since she ended up being a politician, and "self-serving cynical fucking liar" is sort of a prerequisite.

For men & women alike.

[WTF]

1 hour ago, DrStool said:

Can't pay down debt if you're running a deficit. Always must borrow more. 

Buybacks are a pipedream. Of course market participants want it. They are choking on this shit and have nobody to sell too. 

Bankers and dealers smoking crack. 

Treasury Flags Bigger Sales as Soon as August, Buybacks in 2024 (yahoo.com)

"Separately, the Treasury announced that, after months of consideration, it’s kicking off a buyback program in the calendar year 2024. By buying back older securities and issuing more of the current benchmarks, one aim is to help bolster patchy liquidity in the Treasuries market. The program could also help the department to smooth out volatility in its issuance of Treasury bills as it manages its cash balance."

“Treasury anticipates designing a buyback program that will be conducted in a regular and predictable manner, initially sized conservatively,” the statement said. The program is “not intended to meaningfully change the overall maturity profile of marketable debt outstanding,” it added.

Josh Frost, assistant secretary for financial markets at the Treasury, told reporters Wednesday that the department’s “latest and best thinking” on the structure for buybacks would be to initially use an existing Fed platform — thus only tapping primary dealers as counterparties — for the operations."

So let me get this straight, the TREASURY is going to issue new debt (at what I assume a higher yield) to buy back old debt (at what I assume is a lower yield), just fucking brilliant.  And who gives a shit if it changes the "maturity profile", what I want to know are they planning to pay market value or Par Value for these securities (I have a sneaking suspicion Par)?  And what a surprise "only primary dealers" need apply. 

[DrStool]

https://www.factcheck.org/2018/10/the-facts-on-elizabeth-warrens-dna-test/

https://www.npr.org/2019/02/01/690806434/warren-apologizes-to-cherokee-nation-for-dna-test

https://www.rollcall.com/2018/10/15/elizabeth-warrens-dna-results-show-native-american-heritage/

https://www.washingtonpost.com/politics/2018/10/18/just-about-everything-youve-read-warren-dna-test-is-wrong/

 

[DrStool]

The buyback program is much ado about nothing. 

Meaningless shit to distract investors from the immediate problem that the Treasury market is on the brink of a crater the likes of which the world has never seen. 

[DrStool]

I won't be running these threads for awhile. 

I've had enough. 

Except for a very few people who send a nice donation from time to time, this board doesn't produce a dime of revenue. When people I like and respect start attacking the only politicians and policymakers who have made super human efforts to do the right thing, despite their foibles and peccadillos, when you call them a liar on a particular issue, and don't back it up with reasons for saying that, I have absolutely had enough. 

Did Warren lie in saying she was American Indian? Yeah, I guess so, but clearly there was a native American ancestor. Maybe she claimed it as a matter of personal pride rather than personal gain. Warren was well qualified for any academic post she applied for. She had absolutely nothing to gain in that respect. Was it a mistake to make the claim that she was American Indian, yes. Was it done innocently or with malicious intent?

Give me a break. 

Furthermore, what that has to do with her supposedly lying in her statement yesterday, I have no idea. 

The world is too corrupt all around. But it's wrong to hold women to a different standard of competence and truthfulness than we hold ourselves. Elizabeth Warren and Janet Yellen at least attempt to do the right thing more often than not. I can't say that about Ben Bernanke or Jerome Powell. I see them as craven opportunists. 

I'm not having fun here any more. 

Good night and good luck. 

[potatohead]

I have a lot of respect for everyone on this board. At the end of the day, Wall Street, politicians, and the powers to be, want us argue amongst ourselves so they can pick our pockets.  Each day we all see and try to point out the manipulation, self serving ,rule bending, insider trading, bailout providing, etc, etc.   I think that is part of what has made this board special.  Hate to see the actions of others not part of this board, end up tearing this board apart.