Hannah Carter

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[Hannah Carter @hannahohannah]

MY MVP😍

[Los Angeles Dodgers @Dodgers]

An MVP worthy night from Shohei Ohtani. 🏆

[Hannah Carter @hannahohannah]

@markadicarlo If you feed them once, they will come to you regularly, and they will bring their friends too 😄

[Jere_Memez @Jere_Memez]

The large UPS cargo plane that crashed and exploded was headed to Hawaii. Flight 2976 from Louisville, Kentucky had 3 crew members on board. In the video, it appears that the engine was on fire before gaining high altitude.

[Attorney General Ken Paxton @KenPaxtonTX]

The new leader of the Democrat party is a radical communist who wants to defund the police and unleash chaos on our streets. It's a sad day for NYC.

[Jim Bianco @biancoresearch]

13/13

Last week, we posted a version of this chart to illustrate the "K-Shaped" economy.

Those in the upper incomes are doing well, as illustrated by the stock market (red).

The broad masses are down on the economy, as indicated by flagging consumer confidence (blue).

(More thoughts/comments on the K are in the retweet below).

Our concern is that the current K-Shape, shown as the lighter gray arrows, is placing significant strain on the culture/economy.

QE, or the expansion of the SRF to keep repo rates from rising, is the Federal Reserve allowing financing for even more government spending at manageable levels. This "cheap money" will drive higher stock prices and encourage even more government spending, fueling more inflation, widening the inequality gap, and further straining the culture/economy.

The dark gray arrows illustrate this, signifying a widening of the inequality gap.

If the current K-Shape inequality is helping to vote socialists into office now, widening the K-Shape risks turning it into a full-blown movement that sweeps the country.

Widening The Pipes

Too many are treating this stress in funding markets as a plumbing problem. They are correct, but this is a too-narrow view.

When the reservoir is running low, asking the plumber in the basement to install larger pipes might work for a short time, but it won't "fix" the problem.

Too many commentators on the stress in funding markets are taking this approach, throwing out technical solutions and legislative changes to fix it.

Examples:

* Encouraging greater use of the SRF (note that it is currently constrained by a stigma against its use, as it is perceived that only troubled banks use it, and only 40 banks are counterparties, no broker/dealers or hedge funds)

*The Fed should buy low-duration Treasury Bills via open-market operations (aka "not" QE) rather than longer-duration notes and bonds (aka QE).

* Make changes to the banking supplemental leverage ratio

* Switch the Fed's target interest rate from fed funds to the tri-party repo rate.

All of these are good technical suggestions, but they are akin to installing larger pipes to get water from a low reservoir.

More concerning is the assumption behind technical fixes: that the stresses in the funding markets are consequence-free. It only needs a technical fix, and the problem goes away without affecting anything else.

The problem is that the Government continues crisis-level spending without a crisis. This is pumping up financial markets and keeping inflation high, worsening inequality, and stressing the culture/economy. This will encourage an even bigger backlash.

https://t.co/PZuSR19271

[Fox News @FoxNews]

ANDREW CUOMO: "Almost half of New Yorkers did not vote to support a government agenda that makes promises that we know cannot be met...  And we believe in law and order, and we need the police to keep society safe. We will not make the NYPD the enemy."

[Fox News @FoxNews]

NEW: Former Gov. Andrew Cuomo says he’s “proud” of his campaign's fight after Zohran Mamdani is projected winner of the NYC mayoral race.

“This campaign was to contest the philosophies that are shaping the Democratic Party, the future of this city, and the future of this country.”

“And this coalition transcended normal partisan politics. It brought together Democrats, Republicans, and independents — joined by the simple fact that their first allegiance is as citizens of New York City.”

[Fox News @FoxNews]

BREAKING: It’s 11 o’clock eastern, and the last polls of the night have closed in California.

The Fox News Decision Desk can project that Golden State voters will pass Proposition 50.

The ballot measure allows the Democratic legislature to adopt more favorable congressional maps for the next three election cycles, stripping that power from an independent commission.

This is a victory for Governor Gavin Newsom, who led a campaign to pass the measure in response to Texas’ mid-decade redistricting.

[Hannah Carter @hannahohannah]

@GIJoeLewis What breed is he?

[Hannah Carter @hannahohannah]

@Scooge_McDuck nooo

[Los Angeles Dodgers @Dodgers]

Bring the energy, Justin! #WorldSeries

[Los Angeles Dodgers @Dodgers]

WOW.

[Los Angeles Dodgers @Dodgers]

#DodgersWin!

FINAL: #Dodgers 3, Blue Jays 1

[Los Angeles Dodgers @Dodgers]

KIKÉ TO MIGGY. THERE WILL BE A GAME 7! #WORLDSERIES

[Los Angeles Dodgers @Dodgers]

GAME 7 TOMORROW. #WORLDSERIES

[Los Angeles Dodgers @Dodgers]

Victory formation! #WorldSeries

[Los Angeles Dodgers @Dodgers]

Who's your Player of the Game? #WorldSeries

[Los Angeles Dodgers @Dodgers]

Tonight’s Photo of the Game. #WorldSeries

[Los Angeles Dodgers @Dodgers]

SAME ENERGY FOR GAME 7. #WORLDSERIES

[Dodger Insider @DodgerInsider]

If the double play by left fielder Kiké Hernández and second baseman Miguel Rojas had occurred in Game 7, it would be the greatest World Series defensive ending to a Fall Classic. Instead, it gave them life for a Game 7. On the game-changing play: https://t.co/ArZPkymeZp