iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
22,158 Blog Posts

Green Stocks Explode After Manchin Backs $369b Spending Bill to Fight Inflation

You really can’t make this up. Our beloved leaders are fighting Putin again, this time on the inflation front. Because, you know, the Fed’s $9 trillion balance sheet wasn’t the reason we have inflation or the $5t spent on COVID, mailing checks out to the poors; it was Putin all along.

So Manchin finally folded to Schumer and will now back The Inflation Reduction Act to “address our nation’s energy and climate crisis by adopting commonsense solutions through strategic and historic investments that allow us to decarbonize while ensuring American energy is affordable, reliable, clean and secure.”

In other words, they’re gonna fight inflation, not be fiscal conservatism but printing more money.

Their goal is to reduce carbon emissions by 40% by 2030, by targeting fossil fuels, energy storage, hydrogen, nuclear, and renewables.

Green stocks are going absolutely bonkers to the upside.

The tape is otherwise weak. I am 85% cash now, +100bps for the session.

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3 comments

  1. nocigar

    Nobody is fooled by the name of this bill, and the Democrats will get a wakeup call in November.

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  2. 2 wheels

    Of course my one open position was a short in CHPT which completely fucked me over in an epic gap up that actually held all day. It was doing quite well up until last night. Happens at least a couple times a year where an overnight news release negatively impacts my open positions. Can’t get mad at it, so I just sell it and move on. Quite unfortunate but I won’t let it bring me down.

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  3. bob smith

    Manchin has been Putin’s lapdog for years. Anyone who doesn’t see that is in the high risk group for monkeypox.

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