That may well be true, but it will have to have some kind of impact, at least on commercial credit ratings. It is the same kind of signal one sends when they can’t get a car loan unless their daddy co-signs for them.
Why limit the thrill of unlimited Baraqqi/Bernanke/Lew minibucks to the fedgov?
Let Govs Moobeam, Cuomo, and Mayor Rhambo share the intoxication.