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Woodchip posted:This'll look like the hourlong bump last week, then lookout below This
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Mar 15, 2020 22:14
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Lmao not even waiting for the meeting
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Mar 15, 2020 22:15
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Yeah. It's not gonna work, the root cause isn't gone. That money isn't gonna help people make rent or pay for groceries once they're let go because companies need to show a good quarter If anything, it's gonna gently caress the entire world in a year when we have to rebuild the economy and there's no rates to cut
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Mar 15, 2020 22:16
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Obviously the most important part of fighting this thing is to make sure the shareholders come out of it with an even bigger piece of the pie.
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Mar 15, 2020 22:17
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Markets down 20 percent. Surely the world is ending. Empty the clip!
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Mar 15, 2020 22:18
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hahaha holy poo poo "Reserve Requirements For many years, reserve requirements played a central role in the implementation of monetary policy by creating a stable demand for reserves. In January 2019, the FOMC announced its intention to implement monetary policy in an ample reserves regime. Reserve requirements do not play a significant role in this operating framework. In light of the shift to an ample reserves regime, the Board has reduced reserve requirement ratios to zero percent effective on March 26, the beginning of the next reserve maintenance period. This action eliminates reserve requirements for thousands of depository institutions and will help to support lending to households and businesses."
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Mar 15, 2020 22:19
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I'm sure my puts are gonna take another monster sized faceripping, but I'm already looking at moving money around to buy more on the bump. Probably will be doing it on margin tomorrow morning, or selling some more of my *gasp* long term buys. Look, it's probably the right move - we need fast reactions here. I wish we would start getting faster reaction on the actual health front though.
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Mar 15, 2020 22:25
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Gonna  when people make the connection that what we have been doing and reacting just resulted in barely a bear market when we should have been acting accordingly in anticipation of a worse than 2008 crisis.
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Mar 15, 2020 22:28
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So will this be the week that gold recovers?
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Mar 15, 2020 22:35
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I thought that the post 2008 reserve requirements and stress tests, etc were supposed to insulate the banks from *checks notes* 2 months of a virus.
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Mar 15, 2020 22:36
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The Fed has been injecting liquidity for a while now. With or without a virus, we have what Peter Schiff likes to call an economic roach motel.
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Mar 15, 2020 22:42
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Welp, time to buy ... a house.
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Mar 15, 2020 22:51
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Oscar Wild posted:I thought that the post 2008 reserve requirements and stress tests, etc were supposed to insulate the banks from *checks notes* 2 months of a virus. Dodd-Frank was watered down so bad. It was basically a conspiracy to water it down so much between top Dem leaders, top Republican leaders, and Obama. They caved to Wall Street. Matt Taibbi wrote a great article on it at the time. https://www.rollingstone.com/politics/politics-news/how-wall-street-killed-financial-reform-190802/
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Mar 15, 2020 22:54
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That's it. I'm liquidating everything and buying booze and nice cigars. At least I'll be able to enjoy a nice scotch while the world burns
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Mar 15, 2020 22:55
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I have been out of the mortgage game for almost 2 years now, and things almost assuredly are worse than when I left, but we're nowhere near what was going on in 2008 as far as mortgage lending. Doesn't mean everything is good or anything, but some mid-size (not any of the big ones) were just starting to do sisa and sina loans again. Nothing like 10% of a market being nina/sina loans going on. The only concerning thing was banks jumping in on the Unison model, but I don't think there's been enough time for that to take off, nor do I see advertising much about those private "dpa" loans. The lack of a mortgage crisis is a reason I see this more akin to '86-'87 then '08 or something else.
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Mar 15, 2020 22:58
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LLCoolJD posted:So will this be the week that gold recovers? Honestly should be a bounce in gold regardless of the cuts just cause how heavily it was sold but if it doesn't bounce in these conditions that would be pretty weird. Lots of analyts are saying gold is being sold to cover margin calls as it is the only thing in profit in many portfolios but I still find the selling peculiar. Gold actually rallied more in 09-10 when the market was recovering with the massive qe's.
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Mar 15, 2020 23:00
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Fed conf call @ 6:30pm ET https://www.youtube.com/watch?v=7oDRD7v5UWk
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Mar 15, 2020 23:08
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pmchem posted:hahaha holy poo poo IANA economist, but as I understand it, using reserve requirements to manipulate the base money supply only works when interest rates are high and reserves are low. If they're doing another round of quantitative easing, that will mean ample reserves, defeating the point. There's plenty of large countries (Canada, the UK, and others) that don't have any reserve requirements, and rely instead on inflation targeting and interest rate policies.
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Mar 15, 2020 23:08
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I dunno man, I don't see an upside in letting JPMorganChase bet all their cash on the market instead of keeping some aside for me withdrawing from a savings account edit: I mean, to your point, if there are ample reserves then why the need to remove the reserve requirement?
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Mar 15, 2020 23:09
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Everyone calm down. The free market will get this all sorted and capitalism will save us. Now excuse me while I bet against the system. Anyone else catch that story about Trump trying to buy exclusive rights or something (for the US - not just for himself) to a vaccine? If that's not evil I don't know what is.
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Mar 15, 2020 23:11
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pmchem posted:Fed conf call @ 6:30pm ET https://www.youtube.com/watch?v=7oDRD7v5UWk Fed board saw futures opened red anyway so now they’re all going to sit around a phone with reporters and just spitball ideas for how they can give money away. Call ends when we’re 1% up.
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Mar 15, 2020 23:13
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Looks like ES hit the -5% limit again.
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Mar 15, 2020 23:15
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Stocks selling, bonds selling, dollar selling, oil selling. Probably not the initial response the Fed was hoping for.
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Mar 15, 2020 23:16
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I want to get off MR BONES WILD RIDE edit: at least the FOMC hold music is chill FreelanceSocialist fucked around with this message at 23:19 on Mar 15, 2020 |
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Mar 15, 2020 23:17
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What the gently caress is happening
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Mar 15, 2020 23:18
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idempodunk posted:Looks like ES hit the -5% limit again.
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Mar 15, 2020 23:26
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Trimmed short position a bit before we hit limit down 
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Mar 15, 2020 23:29
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pmchem posted:Fed conf call @ 6:30pm ET https://www.youtube.com/watch?v=7oDRD7v5UWk It's started
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Mar 15, 2020 23:31
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700 billion in QE and they can't buy this guy a decent phone
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Mar 15, 2020 23:31
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Fed just cut the rate to near zero lmao Good going you stupid fucks, now we have barely any more ammo when the real recession comes. Also, great thing we have a trillion dollar deficit already because of tax cuts to the rich and corporations! Now it'll be even more difficult to spend our way of the recession. Looking forward to the calls of BUT THE DEFICIT if any Dem wins 2020.
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Mar 15, 2020 23:32
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Ur Getting Fatter posted:What the gently caress is happening Sell everything you loving have and go into social distancing for the next 2 months.
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Mar 15, 2020 23:34
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Every time they talk about "taking measures" to "help families" and "ease hardship" I want to throw up. Same bullshit, twelve years later.
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Mar 15, 2020 23:34
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Bored As gently caress posted:Dodd-Frank was watered down so bad. It was basically a conspiracy to water it down so much between top Dem leaders, top Republican leaders, and Obama. They caved to Wall Street. Matt Taibbi wrote a great article on it at the time. https://www.rollingstone.com/politics/politics-news/how-wall-street-killed-financial-reform-190802/ I know. That's the joke. But the point is still a valid one. Banks have learned that they will face no consequences.
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Mar 15, 2020 23:36
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pmchem posted:I dunno man, I don't see an upside in letting JPMorganChase bet all their cash on the market instead of keeping some aside for me withdrawing from a savings account Think of reserve requirements as a double-edged sword -- they're helpful for controlling the growth of base money supply, but they also discourage banks from loaning money out to households and small businesses. (Banks will keep the bare minimum amount of cash on hand to satisfy the required ratio, and invest the rest. So. if they want to loan cash out, they have to call in some investments in order to replace the loaned-out cash and maintain the ratio.) If the existence of QE blunts its utility as a monetary policy tool, you might as well get rid of the other edge and reduce some of the hurdles for offering loans. Also, even if reserve requirements were non-zero, that doesn't ensure that random people can withdraw.  Most banks don't actually keep vault cash on hand -- federal reserve accounts (e.g. T-bills) are considered as good enough to meet the requirements. It's turtles all the way down, which is why the Fed's discount window exists as the last-defense overnight lender to make sure that a bank can handle spikes in redemptions.e: VVV saintonan posted:The last thing Powell said was interesting - there's not going to be a regular meeting this week. They've shot whatever bullets they're gonna shoot. I don't think the Fed has many bullets left to shoot at this point 
ullerrm fucked around with this message at 23:43 on Mar 15, 2020 |
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Mar 15, 2020 23:40
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The last thing Powell said was interesting - there's not going to be a regular meeting this week. They've shot whatever bullets they're gonna shoot.
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Mar 15, 2020 23:42
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Double circuit breaker Monday? Sheesh.
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Mar 15, 2020 23:43
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I'm selling everything except my retirement accounts tomorrow. Not the bottom yet. Even if I miss the turnaround gently caress it. I think we're at risk for a two-quarter contraction. Is the definition of a recession four consecutive quarters?
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Mar 15, 2020 23:44
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lol everything's fine also we're cutting rates to 0 because everything's fine trump's gonna try to trump pump again monday and then is gonna close markets when it stops working
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Mar 15, 2020 23:48
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Inner Light posted:I think we're at risk for a two-quarter contraction. Is the definition of a recession four consecutive quarters? A technical recession is two consecutive quarters of negative growth, that's been a given pretty much since last Monday. The question now is how bad of a recession/depression it's going to be
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Mar 15, 2020 23:48
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Inner Light posted:I'm selling everything except my retirement accounts tomorrow. Not the bottom yet. Even if I miss the turnaround gently caress it. Two
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Mar 15, 2020 23:48
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