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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Archive for January 28th, 2009

Fed balance sheet

Posted by WARREN MOSLER on 28th January 2009


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With the Fed balance sheet at just over $2 trillion and an average coupon of maybe 3% that means they are removing about $60 billion a year of interest income from the non government sectors.

So while I do think lower long term rates serves public purpose, I also recognize the need to cut taxes and/or increase other government spending to reverse the restrictive nature of that policy.

This applies to all Fed rate cuts that remove income from the non government sectors.


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Posted in Fed | 24 Comments »

2009-01-28 USER

Posted by WARREN MOSLER on 28th January 2009


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MBA Mortgage Applications (Jan 23)

Survey n/a
Actual -38.8%
Prior -9.8%
Revised n/a

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MBA Purchasing Applications (Jan 23)

Survey n/a
Actual 294.30
Prior 303.10
Revised n/a

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MBA Refinancing Applications (Jan 23)

Survey n/a
Actual 3373.90
Prior 6491.90
Revised n/a


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Posted in Daily | No Comments »