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Bonds, Bessent And Buffoons
Thank Scott Bessent.
Or, if you're a junior journo condemned to writing market wraps nobody's going to read on Black Friday, you can just cite "month-end position squaring amid holiday-thinned trading." (All that copy's just boilerplate bulls-it. Smart-sounding gibberish. None of it means anything.)
However you want to go about framing it, this was the best week for bonds since the early-August growth scare.
Headed into the early close for Treasurys, 10-year US yields were down ~20bps for t
If only his continued buffoonery proves to be the worst of the man (and his movement)…that would be something for which to give thanks.
As I said in 2016, we will probably be ok unless we have an emergency, then covid hit…..
The vulnerable will suffer, especially undocumented immigrants, ukraine, taiwan and lower and lower middle class Americans….
Laughing to the bank.
Had a conversation in a bar, me with La Croix, he with beer and a wife to be on the arm. We were talking about EV’s. She was asking me questions. Then at one point he started bullying me with statements. Farmer against engineer about electric vehicles. I an EV owner and former large projects manager in energy space.
At one point he told me that the EV would lose me money. I told him the fuels savings would pay for the car. I also said I would be happy when I went to the bank.
He was said at one point he will ‘NEVER have a battery powered tractor.’
Me, A little cocky by now, ‘ yes you will in 15 years and charge it up with solar.’
He, ’15 years, NEVER.’
Me, ‘yes you will pay through the nose for diesel for 15 years then get an electric tractor.’
He, ‘I do not trust you. I trust (The orange one) the businessman who just got elected.’
Me, ‘6 bankrupties, turned a large pile of money into a small pile of money.’ (OK I do not know how many bankruptcies the bankruptcy king had. more bluster)
He, ‘Shut up you and your electric vehicles, sit down and shut up.’
Me, I shut up and just sat there at the bar while he ordered one more and guzzled it.
As he got up to go I said ‘thank you for sharing your life with me.’ Prior to this he was telling me how to grow rice and how to watch the plants to know what to do. Not that I will ever grow rice, but he impressed me as a person who knew his business. Even if he had misplaced his loyalties.
Now I know there is the hydrogen technical debate which is based on a carrier fluid to carry hydrogen around in a cartridge from which you fuel your vehicle. However you are now dependent on a fuel supplier who is not motivated to save you money. Your alternative is to buy solar panels and a big battery from which you charge your vehicle every night with no need for a fuel supplier. Which do you think will be lower cost?
I will be laughing to the bank.
Excellent post. It’s close to something our Dear Leader might have penned!
What’s the over/under on Bessent’s tenure? I say 6 months. If the homophobes don’t hound him out. chump’s “policies” will.
https://www.cfr.org/article/scott-bessent-may-rue-day-he-became-us-treasury-secretary