oh, good ... so now every shittily managed city's debt is shouldered by all of us? OR do i have this wrong?https://twitter.com/byHeatherLong/status/1254870462720626688 …
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Marc J. Randazza Retweeted Heather Long
oh, good ... so now every shittily managed city's debt is shouldered by all of us? OR do i have this wrong?https://twitter.com/byHeatherLong/status/1254870462720626688 …
Marc J. Randazza added,
Yes, you have this wrong. Fed purchases of assets (such as debt instruments, i.e. bonds) are not a subsidy, at least, not in the usual sense. One can argue about the Cantillion Effect (increasing liquidity unequally benefits the initial recipients) but it's small.
> at least, not in the usual sense. indeed; in a different sense by buying them they lower the interest rate that the cities would have to pay to attract legitimate investors, and at the same time end up muting a valuable price signal
That's the Cantillion Effect, and it's small or nonexistent Otherwise, fed purchases don't subsidize anything; they affect the overall interest rate no matter WHAT assets they buy, and the interest rate is not a subsidy, it's a tool for controlling the money supply.
I don't think the purchase is the problem. The problem will be down the road when the feds decide to forgive it, settle for pennies on the dollar, write it off, etc. See student loans, federally backed mortgages, etc.
yes
was it that obvious? not even worth an AllSoTiresome.png?
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