Filed under: Open Thread | 2 Comments »
Dear Diary 2020 Edition (from a younger person)
How has the US/Commie Bastards relationship been more beneficial to the Commie Bastards under Trump?
H/T TO GEORGE.
For the most part I think it has not been.
BHO did not take Russia seriously until 2014 [Crimea]. But after DJT was elected, at least in 2017-18, his Admin continued to take Russia seriously and I can list stuff it did:
Authorized lethal military aid to Ukraine.
Shuttered two Russian consulates, multiple diplomatic annexes, and expelled 60 diplomats – Seattle and SF.
Sanctioned Russian oligarchs and officials. 40 or so of them.
Expanded the Magnitsky sanctions list. This I had forgotten. Had to look it up because I thought he did the opposite.
Made RT and Sputnik register as foreign agents.
I think there were additional sanctions of Russki businesses who aided NK and Iran.
Publicly blamed Russia for a cyberattack on the Ukraine, not a biggie, but I am being fair.
On the other hand, he publicly treats Putin with deference [I don’t need examples here, do I?] and has denied the findings of our own national security establishment regarding Russian meddling in our election process. Personally, I think the Admin responses have become more erratic since his first group of professional advisors chosen from the military have been replaced by political appointees.
I get that he wants out of AFG. I get that he wants out of the ME. These are not stupid goals. I don’t get screwing around insulting NATO and pulling troops out of Germany. I do think that invites more bullying in eastern Europe from Russia.
Filed under: Foreign Policy, Open Thread | 19 Comments »
Morning Report: The CFPB can stay, but the structure must change.
Vital Statistics:
Last | Change | |
S&P futures | 3037 | -13.1 |
Oil (WTI) | 39.04 | -0.69 |
10 year government bond yield | 0.63% | |
30 year fixed rate mortgage | 3.16% |
Stocks are lower on COVID fears. Bonds and MBS are up small.
Many states are slowing or reversing re-opening plans.
The Supreme Court ruled that the CFPB is permitted to stay, but the Director can be fired at will. This was a Solomon-esqe decision that split the difference between people who wanted the entire bureau eliminated and those that wanted the bureau to to run on autopilot.
Jerome Powell and Steve Mnuchin will appear before the House Financial Services Committee this afternoon. There will probably not be anything market moving however just be aware.
Home prices rose 0.3% MOM and 4% YOY according to the Case-Shiller index. These are April numbers. The South and West were the hot spots, while the Northeast was weak.
Ginnie Mae put out a APM which deals with re-securitizing re-performing Ginnie loans. These loans are ineligible for traditional Ginnie pools and will have to go into new custom pools which will presumably trade far back of normal GII pools. In a nutshell, this will impact FHA and VA pricing for the worse.
Democrats are preparing a nationwide eviction moratorium. Meanwhile, FHFA is working on continuing forbearance for multifamily borrowers who suspend evictions. Obviously, nothing here is going to be good for investment properties, so expect pricing to soften here (or programs get pulled back).
Filed under: Economy, Morning Report | 12 Comments »