The problem with deferred economic pain is that when the house of cards finally does tumble, it’ll be even worse than if we let it come down gradually.
And they have acted just like the ‘Management’ of this fictitious company. Prime the printing presses, a large order for degraded currency is in process.
Too many big words, the article is too long, and there are no references to Britney, American Idol, or “Lost”.
The Sheep will never read this.
Thought that sounded like our government at work in the title!
“Where does the Constitution authorize Congress to give away our money to anyone? Nowhere - that’s where.”
ehhh, not exactly true. Congress approves spending. Exclusively. Congress and Congress alone.
I’m definitely with you in sentiment, though, the Fed is absolutely NOT authorized to give away taxpayer money by authorizing a loan, losses or shortfalls in which will explicitly accrue to the Treasury, per Mr. Paulsen’s statement. It’s entirely extra-Constitutional....unless, of course, some “national security” implication is dreamed up post-facto regarding the need to make such a loan.
Personally, I would prefer not to construct “analogies” regarding this situation. It’s both as succinct as it can be and as complex as it need be just on statement of fact as the facts are.