This is a story political Twitter missed last week, but something wacky happened with the repo market — explained here — and experts aren’t really sure what’s going on:

The repo markets mystery reminds us that we are flying blind https://t.co/QMH35GjctJ — BusinessDay (@BusinessDayNg) September 20, 2019

This is an issue because there’s no obvious financial crisis happening to trigger it:

The Fed bailed out the repo market, which is the bank-to-bank lending that keeps the financial system running. I've never heard of this happening on this scale outside a financial crisis. https://t.co/jK4hGNfFEY — Heidi N. Moore (@moorehn) September 18, 2019

It's a totally fine thread but the fact remains that this level of intervention in the repo market is not normal — that is a matter of fact — and no one is served by pretending it is. — Heidi N. Moore (@moorehn) September 20, 2019

And when you have people on opposite ends of the political spectrum like Paul Krugman. . .

Weird stuff going on in the repo market. Supposedly just technical, but worth remembering that a "run on repo" was at the heart of the 2008 financial crisis https://t.co/M9gGqDd5HU — Paul Krugman (@paulkrugman) September 17, 2019

. . .and Glenn Beck sounding the alarm, maybe it’s something we should pay attention to:

1. Damn right ⁦@Newsweek⁩. If you care to listen to today’s monologue, I explain your two excuses. If I have to sell my car to pay my taxes, I am not in good shape. AnY bank that had to sell assets to pay their taxes are very poorly run. Cont https://t.co/AFn5hRvSOw — Glenn Beck (@glennbeck) September 20, 2019

2. If I bought a car on the same week I Had to pay my taxes and this couldn’t do either, I am totally out of control. The banks bought US treasuries and then couldn’t pay for them on the same We they had to pay their scheduled taxes. Who is in accounting? Monkeys? Con’t — Glenn Beck (@glennbeck) September 20, 2019

3 the banks have run the same game they did in 05-08 and now the added problem is the ‘shortage of money’, due to the fed govt running the same con with unlimited spending. We need someone to buy our debt, the banks buy it, but can’t pay for it, so the Fed prints money. Cont — Glenn Beck (@glennbeck) September 20, 2019

The media, the govt, the banks, giant corps, the fed, edu have all gone insane. Marianne Williamson makes more sense on nuclear energy than any of you. You will all be fine, but those who can’t afford their house and lose their job won’t be. This is the biggest con in history. — Glenn Beck (@glennbeck) September 20, 2019

More from Beck:

1. @Newsweek would rather tell people that I am crazy than report the once in a lifetime fact that the fed just announced that in the next 14 days, They will have pumped $1.4 Trillion of cash into the banking system…basically 2x the size of TARP. Cont. — Glenn Beck (@glennbeck) September 20, 2019

2. Tarp was $787b and the country was shocked and horrified. Today the fed does it overnight, with next to zero credible reporting to the tune of twice the size and no one even knows. Tarp started the tea party. If a 2008 style event happens again, I fear for the Republic. — Glenn Beck (@glennbeck) September 20, 2019

Or maybe it’s nothing at all?

The Fed is facing plenty of challenges today. The repo market isn't one of them, says Michael Spence https://t.co/AlMV6Ck5m0 pic.twitter.com/Zn8brrfEWk — Bloomberg TV (@BloombergTV) September 20, 2019

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