"The problem is that today's all-out attack on recession may well generate a surge of unwanted inflation in 2010 or after. But the Fed seems to regard that as an acceptable price to pay to avoid disaster now."
The "acceptable price to pay," is what we a paying now as a result of similar actions by Brother Greenspan. (Fighting the "recession" that came on the heels of the dot-com bust. I know I was naive then, moreso than I am now, but I didn't even realize we had a recession to fight back then).
Anyway. For the record. If you didn't already know. I think all of this hogwash is a really bad idea. All of the media says that all of these wonderful actions will result in a turn-around sometime in '09. Why? Well...nobody can tell you. Because nobody knows. They just assume that if nothing else works, then the eventually the kitchen sink will. Its got to, right?
The first person to throw me a rational opinion wins. I've not seen one out of Washington, or their media, yet. Actually, though, everything I've heard Sen. Shelby of Alabama say, which, mind you, isn't much, has been pretty top notch. Barney Frank, on the other hand, makes me want to dynomite my eardrums everytime I hear him blabber.
Keynes may be dead, but he's more alive today than either Elvis or Lenin.
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