Are they completely insane?

Hundreds of billions of dollars?  To buy purely financial assets?  From banks?!

Golly, if only FDR had scaled back banking regulation instead of strengthening it, and had pumped billions into banks instead of “school lunches, building new schools, opening roads in remote areas, reforestation, and purchase of marginal lands to enlarge national forests“, imagine how prosperous our nation could have become.  No, never mind, you don’t have to imagine; just watch.

I am still traveling, but there is so much going on…  Briefly, here are some links I recommend.

Tired of my ranting?  Read Steve Randy Waldman’s typically level-headed take.

Or read Arnold Kling, who also rants but does it with better humor and style.

Or try Floyd Norris.  If you are wondering where Treasury got the money to retroactively insure money-market funds — when they supposedly cannot spend a dime without Congressional approval — the WSJ Real Time Economics Blog goes into the sketchy history of the Exchange Stabilization Fund.

If you feel like laughing (I don’t), try LOLFed.

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