Suppose, at a given federal funds rate, there is an excess supply of reserves in the federal funds market. if the fed wants the federal funds rate to stay at that level, then it should undertake an open market of bonds, everything else held constant. if the fed does nothing, however, the federal funds rate will

David paid $975,000 for two beachfront lots in coastal south carolina, with the intention of building residential homes on each. two years later, the south carolina legislature passed the beachfront management act, barring any further development of the coast, including david's lots. when david files a complaint to seek compensation for his property, south carolina refuses, pointing to a passage in david's own complaint that states "the beachfront management act [was] properly and validly designed to south carolina's " is south carolina required to compensate david under the takings clause?