Okay, very good. Welcome Pia, thanks everyone for bearing with us, you're welcome to to go straight to the podium if you'd like to start with your presentation, we have 25 minutes please. So sorry for the delay everyone, thanks to the organizers for inviting me, I'm actually while coming here by train I realized that I had been an intern 10 years ago at the ECB and I was driving by here and it was still a working process, so happy to be back in another rollout this time. Let's jump straight into the presentation. Slides will come in a second there. Okay, great. So what I'm going to present to you today is actually a co-author work with Matthias Kaldorf who sits in the audience, so any questions can also be I guess answered by him. We will talk about real effects of financial market integration evidence from an ECB collateral framework change. And as an introduction basically the idea what we have behind this collateral usage in a very normal and simple way, so basically you have banks which pledge collateral against if they want to participate in main refinancing operations of the ECB and this is the type of collateral that we are looking at just to make a clear distinction of what was discussed before. Somehow it's a more like a simpler role of collateral. And so the idea behind this is that we have a financial market union actually in a monetary union if there is no fiscal union then you would actually need financial market integration. Why? Because like this you basically allow that private sector funding conditions are independent of the local banking system. However, out there there's really little knowledge about the microeconomics behind a financial integration and so we zoom in into one aspect. We take you back a very long time ago in 2007 and that was a policy change at the ECB which implemented a harmonized collateral policy. And we use this framework change as a quasi-natural experiment. So to give you a short overview of what policy change we are interested in, the ECB basically implements monetary policy through national central banks. And before 2007, so you had the euro obviously but you didn't have unified collateral system. So basically before 2007 you had a two-tire system where in the first tire you had assets for example government bonds which were always eligible so they were sort of the same throughout the euro area. In the tire two you actually had assets that were under the full discretion of the national central bank. And so this on one hand accounts for the peculiarities of the local banking sector. So for example Germany is a good example for this but at the same time it also is problematic because it segments the market. And so depending on as a bank where you were headquartered you could only pledge certain types of of collaterals. And the asset we are really interested in are actually bank loans. So before the 2007 change over he only had domestic bank loans that were accepted by some national central banks. In others you really could not pledge domestic bank loans. So this can also be interpreted as an additional source of home buyers. And it actually coming back to what I was saying before it sort of violates the no sudden stop condition that you have in a financial market union. And so after 2007 what happens the ECB actually unifies the collateral framework and introduces a single list of collateral. And the consequence is that for example German banks can now pledge loans granted to Spanish firms. So in fact bank loans were one of the biggest novelties in this in this single list. Because as of now you could pledge domestic bank loans and especially you could pledge cross border bank loans. So if the borrower that you were giving money to was inside the your area you could pledge it before it was only possible domestically. And so this actually relaxes a funding constraint for banks. And at the same time it also increases the pool for firms of banks that they have access to. And so in this paper we look at how the single list affected banks credit supply. We look at how it affected cross border banking cross border lending and then we look at the real effects in the non financial sector. And the preview of the results is that how did it impact credit supply. So we use a different setup and banks holding eligible assets. These are basically our affected banks. They increase their lending by 10.6 percent compared to banks without such eligible assets after the framework change. Which firms experience the most inflows. So what we can show you is that it's mostly eligible borrows that were previously in the collateral pool that experienced those inflows. And the real effects on the firm level we have that we find effects both on the employment and on the investment side. For the related literature I'm going to make it short. But basically we are contributing to two strands of literature. The first one is cross border credit flows. So here we have in mind Janetti and Leven for example which look at how local funding conditions actually influence the so-called home the so-called flight abroad or flight home effect. And we also look at the European integration here Hoffman and Surison for example. And however what we contribute to this literature is that there is a small effect of this harmonized cross collateral policy on cross border lending because we do find that banks not only lent to their of the pool of borrows they had before but they do extend cross border lending. And the second strand of literature we contribute to is actually the bank lending channel and collateral policy. So there are other papers which have looked at collateral policy already before. One for example from Beckengabar and Irani they looked at the residential backed assets and bank lending in the Dutch market for example. And the third strand is about real effects and here Pelitsson who's who's discussed and actually has a has a paper on how the corporate bond purchases sort of affect the findings and the findings in decisions of firms. And so what we want to show is that collateral policy affects banks and you can see this by an increase in employment and investment. So I have already talked a bit about the institutional framework. I'll just now go to the data and so we look at syndicated loan market. Why? Because syndicated loan market is actually quite widely used when you look at cross border banking flows. The idea is here that you have multiple banks that lend to one borrower and we look at syndicated loan also because syndicated loans were part of being included in that list. So actually as a bank you could pledge syndicated loans afterwards. The institutional framework is also that the change the very nice thing about this change I'm trying to convince you also about this is that it's took effect in January 2007. And so it should be a crisis unrelated. We also have a very small window. We also look just at four quarters before and four quarters after. So we really try to not have the financial crisis as a confounding factor. The borrower are non-financial firms where 54 percent of them are actually headquartered in the euro area. And we merge data set in a standard procedure from Dealscan Capital IQ and CompuStat. The sample period is from 2003 to 2008. We have around 1,700 firms and we have that banks lend two-thirds domestically and one-third to other euro area banks. So the empirical strategy it's a diff and diff and our treatment and control group are basically defined by their issuance history. Because the idea behind here is that banks which already issue in the cross-border so banks which already issue to other euro area borrowers so excluding the domestic part they are actually they should be the most affected by this framework change and so we construct our affected measure by looking at the issuance history of banks giving out credits to other euro non-domestic borrowers over all credit that they give out. And the issuance history is from 2003 to 2005 Q2 and we then do a median split so basically we define our banks to be affected if they have an above median issuance history. The identifying assumption here is really that unaffected banks do not change a business model in response to the collateral framework change and we estimate both in terms of loan issuance and in terms of interest rate spreads we estimate the following equation. So it's basically our dependent variable of interest so a loan volume or interest rate times our treatment variable times post and we include to alleviate some concerns we include bank level controls so the concern might be that there is no random treatment assignment and we also include bank firm fixed effects to account for different borrow characteristics and we also include firm quarter fixed effects in the spirit of Kwajamiyan so we take out the loan demand. We also include it's not on this slide anymore but we also include a very stringent industry country fixed effects in the spirit of the Greiser 2019. So to show you the parallel trends now parallel trends basically is to underline the validity of our diff and diff and here you can see the loan volume and as you can see there is a little bump going upwards but it's actually not significant so you can still argue that the issuance behavior of both the affected and the unaffected banks is the same before the framework change happened after the framework change you see that both start diverging. The same is what you can see in terms of interest rates again here there is no the difference between our treatment and control group is null basically before the framework change and after the framework change you see a dip in the interest rate spread. So our main table is basically the following here we have the credit supply as a dependent variable and we interact our affected measure with the post framework change measure and what you can see is that we have a highly significant coefficient throughout all our models we basically just add more stringent fixed effects going from column one to column two to column three and so in column two actually you have the model with a firm time fixed effects and in column three you have country times industry times time fixed effects and as you can see the coefficient does not change that much and we find that banks which are affected by the framework change increase their lending by around 10% compared to banks which were not affected by the framework change. We also include a list of bank level and loan level controls which didn't have space on this slide so I just wrote it but the interest rate spread is basically here we just change the dependent variable and we look at the spread of the loan above the LIBOR basically that's the reference rate in that market and what we find is that given that banks have a positive funding shock right we the first hypothesis is that through this positive funding shock they increase the loan supply and at the same time they should decrease the interest rate spread right and so this is actually what we find as well in terms of basis points we find that banks reduce the interest rate spread by 12 basis points. Looking at the borrow location we were interested in where the borrower is located and here we basically make a sample split so it's the same specification than before but we just define borrowers if they were already previously eligible or if they are newly eligible and what we can see is that banks sort of used this framework change to give out more money to the borrowers that were already previously eligible but also a bit to borrowers that were newly eligible why do I say just a bit because if you look at the magnitude it's basically one-tenth if you look at the newly eligible and the newly eligible is mainly the non-domestic euro area borrowers and so this is sort of our hint at how this collateral framework change actually increased cross-border lending. We then go to the how am I with the time is it? We have eight minutes. Okay great that's perfect okay we basically do the same at the firm level so we look at the same coin but just from the firm level side and here we define exposed so a firm being exposed to an affected bank is basically we look at the amount of loan that a firm gets from affected banks okay so we again look at the time period between 2003 and 2005 and we have loans from affected banks over all loans and again we do a median split so firms with an above median share of loans coming from those affected banks actually they are classified as exposed okay and here we basically have again loan issuance so the probability of in this time it's the probability of a firm getting a loan times beta one here the coefficient of interest is actually the interaction between our exposed measure and the post again we include this time firm controls and we work with industry time fixed effects and country time fixed effects as well as firm fixed effects and what we find is that we have some credit supply some positive credit supply and we also have real effects in terms of employment and tangible assets and so in the first slide what you can see is basically the other side of the coin of what I showed you on the bank firm level this is on the firm level again we see a positive impact so firms with a relationship to affected banks actually have an increase in the probability of increase in the probability of getting a loan same in terms of loan volume they experience a positive increase in loan volume and for the real effects actually here we this is still a bit in the making but here we basically want to know who are the borrowers that experience most of the benefits and we we try to split the borrowers into the tradable non-tradable sector as a proxy as well risky or non-risky and so here what I show you is the tradable non-tradable and what we find that both in terms of employment and tangible assets actually if we split the sample into those we find also some real effects so it's mostly firms in the tradable sectors which with a relationship to affected banks which experience an increase both in terms of employment and in terms of tangible assets we also did a bunch of robustness checks I don't think I have time to go through all of them but I just want to show you two or three which I think should should sort of convince you about our story so the first one is when there was this collateral change actually the the idea that we had is that we would only look at something that was a novelty for all banks and that was that they could now pledge cross-border loans however for countries like Italy they actually could not pledge not even domestic loans before this collateral change and so it could be that you know once Italian banks could pledge domestic loans that it is really that which is driving our results and not the cross-border pledge and so what we do here is that we just construct our affected measure again including also the part where banks can pledge the domestic part newly so that's basically an Italian fixed effects so to say and what you can see is still that our results hold and are quite constant we then do a triple interaction of this just to see what drives what and here the results disappear which means that it's not the domestic part which is explaining our results it's really this euro area cross-border pledge eligibility and the possibility of pledging cross-border loans which drives our results one other thing I also would like to show you is a placebo test so what we did is that we constructed a fake affected measure for banks not part of the euro area so mostly actually it's 2007 so it's mostly UK banks still in the EU it's we just look at European Union banks not being part of the euro area and we construct the same measure and the idea is that ECB monetary policy especially a framework change should impact only euro area banks right and so here we do not find results and that's actually good because it means that we really do find a peculiar thing just for euro area banks and we also change a bit the affected measures we define it over total assets we also look at the continuous treatment variable as a share and we do find always consistent positive and significant results as a last check we look at the whole sample where we don't look at term loans but sort of revolving loans and things like this and we also don't find results so let me conclude we look at harmonizing collateral policy as one aspect of banking union and our idea behind this is that an increase in collateral actually leads to a positive funding shock for banks and so we should find positive results on the loan level and this is what we what we find we find that increases bank lending and it increases bank lending also cross border our results also suggest some positive real effects what are the downside of being a single list well cross border capital could fuel unsustainable credit booms this is what we have seen in the run-up of the financial crisis but we don't have any counterfactual this is a different and the limitations of our analysis and I want to be very clear about this is that local funding conditions still diverged after 2008 so a collateral policy definitely was not the silver bullet to sort of resolve the sudden stop condition in the euro area thanks a lot we would like to take a seat so to discuss the paper we have professor loriana peloton from the gethic university frankfurt who will be joining remotely and i hope loriana you can you can hear us and we can hear you i can perfectly hear you i'm just trying to share my slide so good good morning to everybody i hope that you are able to see my slides it's fine not yet but we're getting there but we can hear you so that's a first step good so thank you very much for inviting me to discuss the paper are you hearing me everything is fine yes we can hear you well loriana but just give us a second to switch the screen here so we can we can see the slides yes yes so you know it is a very interesting paper it has been presented very well and the only concern that i have is that really the version that i have of the paper is not the last one so part of my comments maybe are not really related to what you just saw about the paper but anyway uh what is the paper trying to do is to the main focus at least this is what is claimed in the title is to estimate the real effects of the armonite collateral policy that the ecd has been introduced in southern south and they are trying to measure real effects by looking to employment and the the key focus that it was at least in the in the version of the paper that they read it was on weather is changing the collateral list create any cross border credit provision so any fact across both borders and as you in some sense observed by the presentation but it has changed a little bit in terms of of the results it seems that indeed this list changing the list has been improved the banking union if you want so core countries banks uh lent more to peripheral countries reducing their own bias and this was pretty much the result in the version that i read of the paper they do send me the slides but it was yesterday afternoon and you know it was very difficult to understand what was there um so we're coming out by this change of the list is that the credit supplies has been increased uh largely to uh riskier and less productive firms in periphery countries but this has also generated an increase in employment and investments and as you observe in the result the cost of credit is being reduced by 12 by this point so uh i think that the topic is extremely important and it is uh really helping us to understand how important are these eligible lists set up by the ecd so clearly the topic is very interesting and i'm working a lot on this topic on the corporate bond side on the sovereign bond side and i think that this paper is very complementary to this type of literature because it's really focusing on uh the the lending part that's so far has not been investigated and uh but but my point my first point is that uh the main purpose of of the ecd for creating a unique list was to improve monetary policy transmission and i wonder if really this paper is able to answer to this question you know it's trying to see if we have any real effect but it would be nice also to figure out if also monetary policy transmission has been improved thanks to this change of the legibility list moving from the fragmented list at the national level into a unique list at the ecd level then there is another aspect that i think it is important to to to stress uh the the change in the legibility list happens on january 2007 but uh even if the global financial crisis is associated with let's say the the liman default that was in september 2008 so let's say two years after this change or let's say one year and one half after the change of this legible list actually the crisis started in august 2007 uh i don't know you know it's funny because when i'm asking to my students when the global financial crisis started most of them are answering september 2008 because they are related to uh they relate it to the liman uh the fold but actually the main crisis started on the eighth nine of august 2007 when bnt paribas or europe went to the ecd asking money because he was not able to raise any money in the enterprise market at that time uh and he needs this money mostly to provide funding to his co-connected edge funds that was largely exposed on acid-baked corporate uh commercial papers so and you know the proof is this graph this is reporting the three month library spread and as you can see there was a huge increase of this spread by 100 basis point in pretty much one day exactly in uh august 2007 so why i'm talking about this well because you know when you're looking to the difference and the improvement uh you're looking to even when you are shorting your uh your windows you're looking to one year before and one year after till the fourth quarter of 2007 but the fourth quarter of 2007 is including already two quarters that are subject to the crisis and in fact if you're looking to your results well you can see that maybe there is something in the first two quarters but already at the third and the fourth quarters the results are not anymore there so you know you have that pretty much the increasing landing and the impact on the spread shade away uh starting exactly from the third quarter of 2007 so i wonder if uh you know the result that you are showing to us is just driven by the first two quarters and then clearly the crisis prevents you to to have any uh let's say uh possibility to do any empirical analysis on the implication of this changing the in the eligibility list now i have several other questions regarding the paper the first is that you know since all the story is based on the fact that by changing the eligibility list banks are now able to use different assets uh different loans and before uh well you should be able to answer to this question by looking indeed if banks are now pledging new loans to the ECB you know being at the at least at the Wundersbank uh you should have this type of information so it will be very interesting to see not only if they increase landing but because there are the possibilities of why the increased landing can be several but the key point is are they really using uh and how much uh you know the loans that they had that before they cannot use as collateral uh now in order to get uh new funding from the the ECB so pretty much look to the loans that before January 2007 would not be considered flexible at the ECB at least in some countries and document that indeed after January 2007 banks do pledge these loans as the ECBs you know uh very uh interesting because it will show that indeed there was an impact and how much uh then i have some question about the result that you have uh on cross-border landing uh i don't know how robust is this result but it seems that cross-border landing is increasing but largely for riskier and less productive first and you know i'm not debating if this result is true or not my question is why is this the case so uh it is because these are the only available options for no incumbent banks so you know if you had a foreign bank that start to lend more on uh uh for two firms on another countries truly at least at the beginning you will have the leftovers because you know all the story regarding relationship in landings and so on will tell you that will be very difficult for the new banks to come and pledge a way uh lending uh to firms that very good so clearly i would like to see something more about this uh uh this result and and also it will be nice to to investigate more how competition among banks has been changed due to the unique list so you know they start to uh land in places where they were not lending too much or they have the capacity now to lend more to these other areas uh how this is changing the competition you know what is going on there it will be very interesting to to investigate um then i have another question you know uh before let's say august 2007 in europe we were having a good interbank market and the interbank market at the time it was it was yes cluster a little bit at the country level but there was a lot of cross-border landing among banks that then it has been uh let's say frees up and uh and destroyed with the with the global financial crisis but uh one question that then i will be curious to know is that why the interbank market was not enough for transferring funding that in some sense was some funding surplus cross border before so what what was going on here why did the bank market was not enough to uh provide this type of uh let's say cross funding and you need to have a unique eligible list in order to improve lending across countries and uh and also how much is important for banks to try to exploit this possibility in terms of diversification of their portfolio uh is is really banks that now are able to diversify more than one that are doing exploiting these possibilities or are some others so you know what are the main drivers uh still this paper i think is not telling us uh completely the story and then going back to some of the regression you know you show that there is some statistical significance and then for example for for the lending there is an increase of lending by 10 percent with respect to before uh but how economically significant are they are this result how many billions are we lending more thanks to this uh uh let's say um changing the uh eligibility list you know and uh because on the other side from the spread 12 basis points seems important but we are talking usually about 200 basis points so you know if you're considering that there is a lot of dispassion maybe these 12 basis points are not so relevant and then this impact is not so permanent it is true that it's due to the crisis that we have after but i wonder if there was just a uh a short term effect or if we are continuing or not to see this type of converter effect thanks to this eligibility and also regarding the riskiness of of the firm you're looking to the return on asset but i think that you should think to some other measure for this type of uh uh let's say indicators and finally the title seems you know to induce the reader to expect a lot of analysis on the real effect of the change in eligibility list but actually this result is arriving only on the end and in fact also in your presentation you just present one slide regarding to this result so i wonder if really the focus of your paper is on really the real effect or simply on the increase in credit and lending uh due to this eligibility list or you know uh something else so either the title will be more broad or the focus actually really just on uh or mostly on the real effects of your analysis and your analysis for the change of the legibility but in any case very interesting paper i'm learning a lot and i think that is contributing significantly to the literature because it's really looking to one part of this uh let's say of the change in the legibility list induced by the ecb that has not been investigated before so thank you very much so thank you very much loriana um a lot of questions so uh i'm sure you appear you're keen to get back to some of these points but if you allow we take one or two if there are questions also from the audience and then we give the floor back to you for a collective response so any any questions john david and francisco so can we have the mic please yes just a quick question um so on your your presentation you talked about affected and non-affected entities i think there's a there's a probability that there is no such thing as non-affected entities in the sense that if you think that there's a market for such assets and there's a competition for this for this asset the affected are now have an advantage to hold these assets and the non-affected have a disadvantage they don't have this advantage and they are losing out and why am i saying this is that um you may double counting uh you may be double counting the effect in term of volume in the sense that the affected will increase their holding of these assets and what you call the non-affected will decrease the holding of these assets and your diff and diff will double count uh the effect i think economically it's probably fine but when you discuss the magnitude especially in term of volume i would be careful um about this this potential effect thank you thank you john david uh francisco great presentation once you're done with all the comments of loriana going back to one of your early slides that you contribute to several transfer literature could you be also looking at the impact on resharing within the you especially the euro area the the no-con effect on the fdis uh intra euro area fdis which were very high and but especially resharing thanks okay thank you francisco i think we we conclude the collection of questions now because we're also running out of time so we can give pia the chance to respond yes okay so um thanks loriana for for your presentation you are actually the the best uh discussion we could have hoped for because we we obviously know your work about uh quadraturel as well um and i do apologize for sending a new version only yesterday but i have been working quite extensively on this project and um yes so thanks nevertheless for for your very helpful comments um um we always get this comment that uh there is differential crisis and that it it is a confounding factor and we have to take care of it so what we normally do is that we shorten the event horizon just to the end of 2007 but i'm totally aware that uh the crisis started before there's also papers out there by roholl and puri showing that german banks already had difficulties in in in um the autumn of 2007 so um indeed what we argue is that it's it's given that we assume a positive shock to bank funding we find a positive um credit supply this sort of confounding factor might at most bias our results downwards and and this is a bit what you have argued right and so if we cannot convince you that the financial crisis uh happened in 2008 uh then uh indeed at most it biases our results a bit downward that's uh that that we have to admit indeed um about what banks pledge so i i started this project as a phd student and i did not have data on on what banks actually pledge at at the ecb uh and so we could obviously just uh just um build a proxy however we look at as as a as a proxy and we also have this in the data we look at um the increase in non-marketable assets which are mainly bank loans uh before and after the framework change and you can really see that they doubled uh in in the ecb collateral data so this is at least even though we don't have the the bank level information it is at least a hint that you know something changed uh in in in what banks pledged and they used this however it's a very aggregated measure um yeah and on the cross border landing we will uh and also when it comes to competition uh we will we will definitely have a look in this uh point well taken and also your first point on the first order effect of um if it really improved monetary policy also this it's a point very well taken thank you um yes and the real effects we are working on on on getting more out there basically that's that's that's the that's the construction works right now they are right there thank you then i would go to the to the audience but again loriana thanks for for for your comments um be affected it's uh what we what we do is um i wouldn't talk about double counting to be honest because i would not understand why uh an unaffected would find it uh um why an unaffected banks uh would be be negatively affected by it this this this you have to explain it a bit more because if basically we distinguish our measure distinguishes between banks which are doing cross border activity in uh to other euro area countries and banks which are not really doing it so it's banks mainly focusing on on domestic activities right so our extinction is basically between more international banks and less international banks and so um that's that's the distinction we do so i i wonder where this okay yeah totally and uh also for the for the risk sharing um thanks thanks a lot for pointing out the fdi part of it uh i i was not aware but we will look into this yeah thank you frances okay thank you pia thank you loriana uh many thanks also uh to to uh participants for the questions and the interest in the paper um so we conclude our session on collateral here uh we'll take a a break a coffee break until half past 11 and we'll be back with the session on repo so um perhaps you can join me in thanking all presenters


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I don't know I don't know forest Forest Just two to go on Sunday fun. Why is this this one's this one's like this? Jay rod Bowman chrome sapphire yellow ps8 10 rookie That's the sp variation yellow 26 of 50 Gorgeous rodriguez Full 20 minutes make your picks He would be silent for 20 minutes if he bought every single spot in the break And then just like at the end I'll take them all Although I wouldn't actually do that I'd be like these are all yours and we're not doing a draft if he picked nine of them though Oh my god, he'd wait like the two minutes per pick and then finally say after that time. I'd like them all So however like 20 minutes, I guess Yeah, you buy all 10. I'm not there's no draft. You just get them.  It'll be like Wednesday And the next day the next day And the next day Give Greg more ideas to troll us guys. Thank you funny sold out Sunday fun day Sold out. Let's go y'all Holy cow, dude Marcus Simeon One of one tier one game used bat knob auto No, what year that's from bro that is sick It's in case we have some filler behind it so that it's like fills up the mag Bat knob auto it has a date on it too. That is insane. That's a manufacturer date. I'm guessing right The measurements and all that Simeon bat knob auto one of one mvp finalist mvp finalist It's true dude That's nasty That is sick that is sick I got a nice case going here. It seems like a little series winner Marcus Simeon Y'all are just Diabolical I say Diabolical I think it's heavy Yeah, well if it goes out as rest of the bat It's a Derrick Potter dude Bryce young 2023 prism draft gold vinyl one of one PSA 10 Number to one of one Where do we get this 2023 prism draft gold vinyl one of one rookie brice young PSA 10 Holy cow. Oh man That's pretty wild right there. That's pretty wild What dude The bat comment i'm still laughing about this is very dumb. Yeah, what is this card? Oh, there we go red socks, baby Red socks first moment gold auto of blaze jordan bgs 9 5 10 Sick centering corners and edges 9 5 and the surface got it sent so it's true gem plus Gold refractor first home in auto of blaze jordan Late, I don't I'm not sure modern, you know, you know the answer to that question Oh you talking about oh you talking about the uh, oh That's a good that's a google question for sure the average White guy with glove on a crotch Come on Come on sm. I think what are you talking about dude? Come on, Greg.  Yeah, that adds so much value to this break You're lucky you're in this case honestly I'll get out of your spencer spencer.  You can't talk Can't talk never seen a tigers carton loman ag It's like the one rule we got Not unless it's tyler holton and it's gotta be in there Or michael former Sensor only chimes in when you control or talk trash. That's it. Oh my god. Oh Oh diamond icons dual patch auto number to five of shohei otani, whoo 2019 diamond icons right there second year That is a Red parallel color match too Whoo boy Shohei Well, I put the the shohei dog photo on the thumbnail the night. Mm-hmm. Good choice by me Very good choice And kobe honestly Last three cards of all manak guys last three cards of all manak. Oh my oh my I forgot about that one That's the corner that rich was talking about yesterday Ring of honor Super Bowl MVP auto of tom brady From 2002 Um, I forget what tops product it is. I think it might just be tops autograph issue I'm not sure brady auto for 2002 tops Super Bowl 36 MVP Look better with mariners patch though There's a chance he goes to Seattle. I think we appreciate you greg all joking aside and we appreciate you God, dude. Oh my god One of one Game use patch auto of mike trout What the hell is that patch? 2022 Uh prime patch auto from tribute That's the one I was thinking of when you said call a card that's gonna be in it That is the one Jesus man. That is the one What an insane patch, dude He might be a nick at some point. I don't know about this off-season, but he will be at some point. I think That's just wild Game use it even has the the authentication sticker. You can find out what it's from So you see craig and chats Looks like an angles patch. Yeah an angles patch very nice I love me some angles Protractor patch right there That one does not transform with the griffin. No It looks like it would we can cut it down the center whoever picks it if you want to find out Last card is the kd Kd 0708 tops chrome orange refractor rookie Lane was bgs 95 center ring nine and corner surface edges nine five Serial numbered 116 of 199. Oh, baby Oh, man, this is gonna be a tough draft Jesus man.   Honestly, it makes his rookie cards better to me. They're in sonics uni Kids these days don't realize that he was drafted by the sonics. They stole him from the city of seattle So Mama mia, what a case. Yeah, it's pretty wild Man, is that good on the glare? No, that's not good on the glare. It's bad on the glare That's a little better. Oh, that works. That works. Oh, well, we've seen all the cards y'all robert. Oh Has the first pick robert. Oh pick number one So it's just origins with spots tonight everybody Just origins teams mark down quite a bit in that One spot was 2200 rock. Yeah, 2200 in this one. Yeah, blazers could have had him There's going to be a five round of $500 price point on fanatics this coming weekend, though No, the trout's not at the griffy different products He only did those for a short amount of time. That's why the griffy's so unique confirmed All right, so mark and robert are together I'm picking for him This is this stuff This is putting me against it y'all but You see these cards jake I do I do Katie Katie 95 top scrote orange to 199 rupee. Yeah, my god Man, that's a like that's that's an icon of perky. That's that is one of the icon of perky's now That's gold Thank you robert and mark We appreciate you both. Holy cow. What a card Yeah, that's that's that's the move right there michael c Pick number two that is a gold blaze michael c two minutes starting now Yeah, it is icon of card for sure First bala hall of famer. How many mvps only one mvp. I think got a finals mvp go to Think right Crazy crazy michael c if you want to see a card up close again. Let me know When it's your pick you're allowed to ask to see a card up close guys by the way Dude otani trout edwards Uh, dude a j-roll. There's a bat knob auto on the on the on the board right now a gold vinyl prism draft rookie psa 10 up there Up there up der up der Okay, you're fine. We're good then 01810 Appreciate you michael. Congrats on that diamond icons two of five from 2019 patch auto of otani Oh, that's a gorgeous card. I love that design. I've never seen this design from that year yet just unreal Great pick great pick. Thank you for joining my friends. Thank you michael. Appreciate you Sean oh The Brady's not numbered unnumbered brady Something had hit the stereo Something had to go through the window something had to hit the stereo Where are we gonna find a Christmas tree this hit on Christmas eve? It's the window Something had to be Something had to hit the stereo did the fix a new post part fix the new post fix the new post All right, still a minute still a minute for you, Sean I guess I could disable that timer now take brady 22079 confirmed Going with the brady. Appreciate you Sean. Thank you for joining man Thank you for joining Thank you, sir. Hope you enjoy that brady I know that was one of rich's uh, that's a rich pc card right? Yeah one of rich's favorites He has one more he has one more He's probably got he gotta he gotta put hide it from lane now. All right. Greg is up. Let's see how uh This should be a pretty straightforward at normal pick Nothing weird's gonna happen here old man throws football. Hopefully someone caught it Here we go This is what Greg wants two minutes of time for him In chat Yeah, see look at this look at this nonsense already. Okay. I will take the You know we sent him we even sent him a latent shank is what he calls it He only calls it a shank as we're from a popka other than that. It's a box cutter Be here and be here all night. I appreciate it Sean. Hey Thank you Sean and iMac and sunday fun day. Let's go. Appreciate you man Glad to have you here I'm not saying I'm not doing this right now. You got a minute and 10 seconds, Greg No, he wants the other one Want me to pick for you If you I'll give you the archives 3d glasses and an old latent card stand the fish guy You'll take the fish guy. All right confirmed He's gonna be like no the other one. What are you talking about? One of that is a sick card though, by the way Game used patched auto from tribute is Mike trout his lord man cool design too You can kind of see it fade into the the actual halo part of the One there. Congrats, Greg Anchor joined a man Nice cards tonight Finally got you not in the in the last few picks It's another that's another cool thing Yeah, yeah too bad. Great too bad. Jake's gonna get beat up now. It's great. It's great Jake eyeball it real quick. I got it. We're sending it to jgs. It's jgc. Uh jgc. Jake great Jake's grading company Did you see 10?  I feel like I pulled something similar to that Uh john a now pick five Pick five for john. We got brice young marcus semian Jayrod garland blaze jordan anthony edwards It's a good variety here Two basketball three baseball and a football card That's their angler Oh man, so uh next weekend fanatics live There'll be an almanac around the $500 price point everybody Going with the ant great pick three three second year auto of anthony edwards From flawless, of course clean signature two for the most part. I think the bottom of that a is a little But that might still grade a 10 if you did if you did decide to grade a flawless auto That's sick though three three edwards. He's a baller You get him to help minnesota or get him out of minnesota or something probably give new orlando Oh my god give you um One quarter junior for him actually no one quarter junior too good Faults Michael s is up now pick number six Jordan young semian jayrod and garland Darius starland Yeah, so it's the Short print yellow so image variation yellow 2022 bowman chrome rookie julio rodriguez rookie sapphire It's number 26 of 50 And it is a ps8 10 One minute left michael Yeah, sapphire is dope. I'm a big fan of sapphire as well. I like a lot of different cards though Probably we're gonna card shop.  We'll see you get through uh finway The next probably a couple years or so I don't know where he's gonna play though Dude Junior thank you michael confirmed Thank you for confirming congrats on that definitely want to hang on to man Definitely want to hang on to gold first auto of blaze Even when he's being sincere you still you still gotta throw in one one one joke John a backup pick seven But in all seriousness greg thank you for joining and having some fun with that greg you've been buying it a lot recently man You appreciate you my man Love having greg around Yeah, he's hitting bombs They should do a home run derby with metal bats You just can't put fans in the stands if they do that Just can't do it.  Yeah He's gonna be out of it. You gotta make up for lost time. We gotta get back right right back in right focus back in a week from monday Thank you john Let's go john like that image variation too Appreciate you buddy. I do like bowman chrome rookies Everyone likes the first ones. I like the rookies They're cool too Joel Make sure to like and subscribe everybody. We do appreciate you all for watching and hanging out Especially those that join and made this all possible Next saturday, I think it's gonna be saturday and sunday like it was last time. It might just be a whole day We'll have to see how it goes But five hundred dollar ballpark five hundred dollar. That's what we're aiming for. It could be a little higher could be a little lower Almanac on fanatics live Thank you. Joe going with the starlands tiger stripe rookie ps8 10 Yeah, joe last two last two here that knob auto one of one of semi and mvp finalists this year and brice young One of one rookie ps8 10 prism draft Alexi is picking between the two of those Almanatics that people call it Yeah, I might have like a it might have an exclusive feel On uh on fanatics too. I think we might get some different like It's like special branding or something A little sneak peek for you guys Give it Minnesota six and four It started off pretty bad too minute 15 minute 15 Jake who's your favorite bronco? of all time Tintivo Osweiler no font fan Yeah, there was two gratskis that came out Along with a stu stu tzla stu tzol A stu tzla. Yeah, there's a stu tzla future watch auto. There was a mc david last night. Yeah Ultimate patch auto. Yeah, there was a couple gratskis that we pulled too Pretty cool one though pretty cool ones stu tzla. Sorry stu tzla Stu tzla All right time to pick you've got more seconds here. Maybe there's like a delay or something. What's up, Minsu? How you doing today? I'm on Minsu I'd like that big david I I caught a glimpse of that one when I was I was so tired last night man I said way too late again for getting like four hours asleep the night before I got another six hours and I got 10 I got 10 this weekend so far. Jake's pretty good Let's go Okay, I do not see alex in chat So I will pick I will pick a one-of-one. I'll pick a one-of-one of brice young gold vinyl prism draft rookie ps8 10 Thomas is going to get the semen bat knob auto one-of-one That's sick From tier one. I'm not sure. It's definitely pre 2000. I just don't know which year it is. It's covered up It's sealed and not gonna mess with it. That's fire though. That's fire. Got that manufactured on everything Haley and shank with the order send an email thomas. So I have like a paper trail But yeah, you spend you spend quite a bit. So I'm totally cool with that So we're calling the shanks now. It's great. Call the shanks. Come on, man. It's a box cutter Yeah, shoot an email thomas All right, y'all Yeah, new world champ. Maybe he finalists. Okay. That does it for almanac. We're on to basketball


The IRS is set to receive its largest funding increase in years thanks to the Inflation Reduction Act. You know who should be worried about this? Wealthy Americans who dodge taxes. Recent figures estimate that the richest 1% are hiding more than 20% of their earnings from the IRS, accounting for more than a third of all unpaid federal taxes. Some estimates show that collecting all unpaid federal income taxes from the wealthiest Americans could generate anywhere from $200 billion to $1.75 trillion over the decade. So why hasn't our government been able to collect all that untaxed money from the richest of the rich? Because the IRS has been underfunded and severely understaffed, thanks in large part to a decades-long campaign from Republicans to transfer wealth to the top. Over the past 10 years, the IRS's budget has been reduced by roughly 20%. Its staffing is at a level not seen since 1973, although the American population is about a third larger now. On top of that, the tax returns of the wealthy are very difficult, time-consuming and incredibly costly to audit. Without proper resources, it's harder for the IRS to go after the wealthiest Americans, while void paying their fair share. As a result, just 2% of the richest Americans had their taxes audited in 2019 that's down from 16% in 2010. Meanwhile, the poorest Americans who often claim a tax credit known as the Earned Income Tax Credit are five times more likely to get audited because their tax returns are less complex and because of pressure from congressional Republicans to root out incorrect payments of that tax credit. When the IRS can't function properly, all taxpayers are not off the hook evenly, and the result is a tax system stuck in a cycle where the working class bears the brunt, while the rich hoard wealth that could be used to invest in America. So don't believe the lies coming from the oligarchs and their propaganda machine. It's all fear mongering. The 1% have an incentive to keep the IRS hobbled and unable to excavate their hidden wealth. They also know the public is against them. Boosting the IRS budget to strengthen tax enforcement on high-income taxpayers is a popular policy supported by more than two-thirds of registered voters. IRS funding is a good thing. It means the agency can finally go after the real freeloaders in America, the super rich.