In the not too distant future there is going to be a “what were we thinking!” moment. And on both ends of the Acela Corridor.
Washington is lobbing fiscal bunker busters at the Wall Street bond pits, but so doing it exudes a level of insouciance—-which is to say nonchalance, unconcern, indifference and heedlessness—-that is just plain stunning.
In financial terms, the Imperial City is speeding toward $40 trillion of national debt, but the pols and apparatchiks alike brush off this baleful prospect as if it’s merely some kind of inconvenient budgetary mosquito.
At the same time, the stock market exudes all the prescience of a moth heading for a light bulb—bright and hot.
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