Another day, another $800 billion - what's a few hundred billion among thieves?
Today brought another masive opportunity to siphon off billions of taxpayer dollars 'philanthropic' program that would buy up to $600 billion in toxic mortgages from distressed GSE lenders Fanny & Freddie. The program will also set aside $200 billion for small business and consumer loans, because businesses and consumers aren't leveraged quite enough.
Nothing says sound economic practice like lending to people who are barely clinging to their jobs and to businesses whose orders have dropped by 75%. I think this final cash flurry in concert with Obama's last ditch stimulus package will signify America going "all in". I shudder to think what will happen if this quantitative easing is anywhere near as 'successful' as it's Japanse version. We'll be looking down the barrel at ten years of stagflation, but we'll have shiny new bridges and solar farms.
