The Counterpoint to CR’s Argument, as Stated Below
We already gave them $900 Billion. (Or, as I would prefer to write it, just so everyone understands: $900,000,000,000. About 3,000 a person, or 26.7% of the annual median household income, assuming a family of four.)
What would makes anyone think another $700,000,000,000 will solve the problem? Just because “sooner or later, you’re talking about real money”?
It is, or should be, no longer possible to pretend that this is still just a liquidity crisis. Certainly, the Fed isn’t doing so. It is well beyond that.
Adding liquidity will not solve the problem. And if the plan is to buy assets above their value—then why are we expected to buy Beanie Babies? Shouldn’t we be selling them to Treasury Secretary
Gramm Fiorina Paulson?