The level of hysteria in Washington today has probably not been exceeded in America since the Salem witch trials of 1692. Nor has the level of pillage been matched since the Visigoths sacked Rome in A.D. 410.
As to the latter, how else would you describe an emerging bipartisan fiscal bailout that is sure to exceed $2 trillion and be passed before anyone has even read the 2,000 pages of handouts it will encompass, let alone analyzed its cost and consequences?
As we write, the clowns and fools on Capitol Hill and the White House are concocting a veritable coast-to-coast soup line of companies and households, which are to be stuffed to the gills with cash that Uncle Sam will be borrowing at 10AM each day via a tsunami of bond issuance—which bonds will then be sold by the 23 primary dealers to the Fed by 2PM.
The next day, of course, it will be rinse, repeat and do it again. If that isn’t debt monetization and financial crackpottery on steroids, we don’t know what would be.