J.Stevens

The Fed Won't Cut

Over 50 years ago, I recieved a bronx cheer in an econ class for suggesting that Keynesian economics might be as dangerous as it seemed to be useful. My argument was that it could be an uncontrollable genie. Once released the genie might inevitably seduce the public into believing all economicly painful setbacks, even without a crisis, should be relieved by another glass of "deficit" booze. If borrowing rates are lowered enough, no one would really need to earn a living.
You can buy a lot of votes by playing Santa Claus at the expense of the future.