We are the children of abundance. Peggy Noonan said so back in 2009 and even a blind hog finds the occasional acorn (sorry Peg). America has always been blessed and therefore exceptional, but the wealth creation that began under Reagan and lasted until 2008 was a magical thing. It’s was so good for so long that we began to believe it could never end.
Even with the big bang in 2008 there are still people, many who are politicians who are operating as if America is somehow above the basic laws of economics. Social Security is broke? It can’t be. This is America. We make and break countries. We are the world superpower. We don’t go broke. Find a way.
Quantitative easing is their way but it isn’t magic. It’s doublespeak for double speed with the printing presses at the FED. We can print our way to success. Really? Apparently, because the pimpers of the markets are crying out for QE3. Here we go again . . . triple triple, toil and trouble, fire burn and cauldron BUBBLE.
Don’t do it Ben. The children of abundance can’t help themselves. The callous child who governs over us can not help himself. Somebody’s got to be the grownup.