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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (45434)11/14/2005 1:50:02 PM
From: ahhaha  Read Replies (2) of 110194
 
it's your choice to ignore what I said, not mine.

I never try to intentionally mislead or ignore anything said. I try to fully understand another's position up to their ability to convey it.

M1 measures it best,

Maybe I don't know what you mean by the informal, "consumer daily living funds".

and non M1 M2 picks up the housing windfalls.

Not sure what you mean here either.

On your argument that the Fed "won't allow it", yes that's the conventional cognoscenti playbook out there,

I only speak from history. They have never allowed it.

but I once again depart company. FCBs are having twice the impact of the Fed, and thus are setting US monetary policy.

Ridiculous. What evidence do you have of this?

If the FCBs are half assed (*)in their purchases of US securities, then the Fed (**)will really have to ratchet up their permanents.

That isn't evidence. It's your paranoid invention. Why not check SOMA vs FCB custodial in the first 3 months of this year? No Permanent but FCB factoring. There's no policy connection between Permanent and factoring. FED is not monetizing foreign deposits. The purpose of the Permanent is to counter the marginal drag on reserves caused by a rising fed funds target. My guess is they ought not do this, but let the rates bite. If they cease the Permanent immediately, then the issue is moot. No impact.
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