Stock-owning Democrats should be as appalled as stock-owning Republicans because this bill alone could be worth 150 basis points more of Fed tightening.
If you hate global warming, you got a big win this weekend with the Inflation Reduction Act. But if you care about the stock market and inflation, then you got a big loss with the Spend Our Way to Oblivion Act, or SOWOA. In real life, I may be an environmentalist first. But in this other life that says I want to help people make money, this one really is SOWOA — as it's called by my friend John Ellis, who runs the brilliant News Items newsletter. The bill is positively Orwellian.
US President Joe Biden speaks about the Inflation Reduction Act of 2022 in the State Dining Room of the White House in Washington, DC, on July 28, 2022.If you hate global warming, you got a big win this weekend with the Inflation Reduction Act.
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