When there are suddenly second thoughts in this market powered by so much blind and crazy exuberance, the entire foundation begins to wobble.
Junk bonds still in la-la-land as investors chase yield – risks be damned.
In 2012, dude offered to buy my book for 1.5 bitcoin, a “Monetary Revolution” that “doubled in 4 months.” I’d just need to hype bitcoin on my site. That’s still how it works. And big highly leveraged players with huge megaphones jumped in.
Wolf Richter on This Week in Money.
Bond Market Smells a Rat: Inflation. So the Fed seems OK with rising long-term Treasury yields.
Becoming a prolific jingle-mailer to dump malls. Holders of CMBS eat the losses.
The historic short squeeze, engineered by a bunch of deeply cynical small traders, exposed just how rigged the market has been (transcript of my podcast).
“There is no justification” for continuing the purchases of mortgage-backed securities. The Fed is “misdiagnosing its impact on the housing market.” Pressure rises on the Fed to back off, in face of market craziness.
And five SPVs expired, including the one that bought corporate bonds and bond ETFs.
“It’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino”: AOC