It is a paper swap to avoid Fed taxes, once again.
The corporate can put the money on deposit at the Fed, or they can use it in non bank credit instrument, like purchasing other corporates. it is not in the bank credit system, it is not subject to the tax. Corporate stocks have a partial liquidity due to the NASBA and enforced uniform accounting standards. The stock market is a substitute for distorted central banking. I think they call it gamma when it affects the market uniformly.
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