Sooner or later more fiat debt isn’t going to work. From David Stockman at davidstockmanscontracorner.com via lewrockwell.com:
It’s hard to say who is loonier – the guy in the White House East Wing hopped up on steroids or the Wall Street robo-machines and Robin Hooders who slobber incontinently upon the slightest hint of another “stimulus” injection.
Either way, exactly seven hours after he implanted a tiny quotient of sanity into Washington’s fiscal madhouse yesterday afternoon by terminating talks on Everything Bailout 5.0, the Donald proved once again that he is a clear and present danger to the nation’s solvency and that Wall Street is flat-out disease-ridden with addictus stimulitis.
The fact is, the airlines don’t deserve nor need a bailout, while the idea of handing out another $135 billion of walking around money to small businesses who might otherwise lay-off redundant employees is just plain ludicrous.
Of course, the Donald doesn’t have a clue about the fact that the future taxpayers, who would bear the burden of servicing another $160 billion of public debt incurred for these two illicit purposes, are not mules to be drafted in behalf of his re-election campaign. That’s perhaps why 30 minutes latter he upped the ante by another $300 billion, promising to instantly mail a check for $1,200 (adorned by his signature) from Uncle Sam’s depleted treasury to 160 million Americans (plus a $500 tip for their kids), the overwhelming share of whom didn’t lose their jobs and don’t need the money.