Edition of fast money coming your way, all about the fed effect how taper talks and Possibility Rate hikes impact everything from your grocery bills to buying a house we break it all down starting at 6 00 p. M. Eastern. And we start this hour with all of those fed headlines that sent markets soaring. The S P and Nasdaq Closing at new records, jumping more than 200 points as Jerome Powell seemed to tamp down any expectations for raetz hikes lets get to Steve Leishman in Jackson Hole this year. Fed Chair Jay Powell said out right he expects the fed would start tapering later this year if the economy continues to improve. But he left himself flexibility but not offering a Specif Month or at the beginning of the taper. He said inflation, it iS Past the test to start tapering and employment on the way to a passing grade. The outlook for the Labor Market has brightened considerably in months after faltering last winter, job gains have increased over the course of the year and now average 832
Band. Many smaller landlords have struggled to collect their monthly rent checks and some have gone into forbearance on their mortgages. So were extending yet again this more to our him, perhaps illegally the according to the supreme court. And, you know, a lot of the smaller landlords are not having a good time of it because obviously they havent been paid for over 1415 months now. So theyre defaulting on their mortgage. Right, right. So to get back to my 1980 S Analogy of the leverage buyouts and going private during that time it was jackson barnum, lambert, and Michael Milken and they kind of invented the original issue junk bond. And they terrorized boardrooms across america by tapping into the Pension Fund Market and buying out companies that would quote go private, right . These are probably list the companies they would be go private, se, Ron Perlman and other corporate raiders. As they were known, were out there gobbling up. So now flash forward in 2021. And heres blacks down.
A lot of the smaller landlords are not having a good time of it because obviously they havent been paid for over 1415 months now. So theyre defaulting on their mortgage. Right, right. So to get back to my 980. 00 analogy of the leveraged buyouts and going private during that time, it was jackson barnum, lambert, and Michael Milken and they kind of invented the original issue junk bond. And they terrorized boardrooms across america by tapping into the Pension Fund Market and buying out companies that would quote go private, right . These are probably listed companies, they would be go private, se, Ron Perlman and other corporate raiders. As they were known, were out there gobbling up. So now flash forward in 2021. And heres blacks down. Essentially taking americas real Estate Market private. And theyre using similar accounting tricks and financial master nations in the form of the 0 Percent Interest rates available. Only to them and then getting their government bodies to foreclose on p
80000 homes at a time. At the moment. Of course they are the recipient of a lot of the largest of the federal government at the moment. They have not only former executives in the Binding Administration and advising the bite into ministration, but theyve been tasked with allocating a lot of the billions and tens of billions and hundreds of billions of dollars a funds that are flowing around all over the place. And so lets also go to the Treasury Department because this is another Wound Dog all of the past 50 years the, the place we find ourselves in during this great reset at this moment. And my, i my question, by the way, my eggs, before i get onto this headline, is, you know, how nixon announced on a Sunday Night that we were going off the Gold Standard. Do you think its going to be a Sunday Night that something dramatic happens as well . With perhaps were introducing a c, b, d, c. Tomorrow morning everybody. Youre going to have your own Bank Account and you know, a little fed accoun
A funds that are flowing around all over the place. And so lets also go to the Treasury Department because this is another Wound Dog all of the past, 50 years of the place we find ourselves in during this great reset at this moment. And my, i my question, by the way, my eggs, before i get onto this headline, is, you know, how nixon announced on a Sunday Night that we were going off the Gold Standard. Do you think its going to be a Sunday Night that something dramatic happens as well . With perhaps were introducing a c, b, d, c. Tomorrow morning everybody. Youre going to have your own Bank Account and it, you know, a little fed account in which will deposit these free tokens for you. Right, well we saw that during the 2008 crisis, when layman was closing embarrassed, turns was collapsing, they got together over the weekends and they did their big announcement on the Sunday Night. Remember, the helicopters are flying in the hamptons, and, you know, the big announcements are rolling out o