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‘The Greatest Credit Event Of All’
The greatest risk of all is a disorderly bear steepener.
If you're a longtime reader, you know that's a refrain that predates the pandemic by several years.
The risk of an unanchored long-end used to center on the implications for mountainous duration embedded across fixed income and also in equities courtesy of massive index weighting for duration-proxy growth shares.
That's still a risk, and indeed it's a risk that's in the process of "realizing," so speak, but an unmoored long-end predicat
What would happen if we raised taxes on the wealthy?
We will never know. The party of self-certified fiscal rectitude and budget awareness is still more interested in gutting the IRS than they are enforcing existing tax laws and collection. Actual tax increases, on those with wealth and income that are worth taxing, shall be infringed, apparently now by divine right.