Friday, March 17, 2017 4:40:19 PM
I'm not sure what the "water" is in your analogy. FHFA runs independently of the Treasury. Please elaborate so I can understand better.
"Watt can only stay holed up until 2019 when his term of appointment runs out"
Agreed, I doubt anyone expects Watt to continue into another term.
"If Mnuchin kills the NWS, it is equivalent to sending a torrent into the fort and flooding Watt. Eventually Watt will be washed out and have to give up. "
Haha...I don't think this is the effect that would happen. The Conservatorship doesn't depend on the continuance of the NWS. Don't forget that the Conservatorship was implemented 4 years before the NWS. Not sure why you would think Watt couldn't survive if the NWS ended.
"The market is unconconcerned with conservatorship if it is just conservatorship in name only. If Watt is being flooded with cash, he can sit there and look like a boob continuing the conservatorship until 2019 when he can be replaced and the GSE's can be released by a more co-operative appointee. "
Again, don't forget that the Conservatorship began 4 years before the NWS was started. This would seem to contradict your above statement. As for what will happen in 2019, that is anyone's guess. Don't forget that the next election is in 2020. That's a bit close for my comfort level to assume anything will happen one way or the other.
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