EVERY OUTLET RAN THIS AS A CLARITY ACT STORY — HAYES WAS TALKING ABOUT THE FED, AND HE SAID A RATE HIKE IS THE BULLISH PART

The headlines said Hayes called the CLARITY Act nonsense. He did, in passing. That is not what the post is about.

Here is the whole thing, September 18: “See we didn’t need some nonsense piece of crypto regulation, Clarity Act, just a rate hike that puts more dollars in the hands of rich people to consume more financial assets.”

The bill is the foil. The claim is the rate hike, and the claim is backwards from what everyone is taught. Higher rates are supposed to be the enemy of anything without a coupon. His argument is that the government pays the interest, the interest lands with people who already own assets, and those people buy more assets. The hike does not drain the pool. It fills it, from the top.

Agree or not, notice what it does to the week. Three days, three separate events, and the coverage fused them. Cloture on the bill failed 49 to 50 on September 15, six votes short of the sixty it needed. The Fed raised on September 16. Hayes posted on September 18. The bill is not dead either, whatever you read: Tillis entered a motion to reconsider the same day it failed, and the Senate does not come back until September 22.

The law was never the engine. The money was.

At the time of this writing, bitcoin was $80,689.