Day of Shame: US House Approved $2 Trillion Everything Bailout on a Voice Vote – LewRockwell
Posted by M. C. on April 1, 2020
David Stockman’s Contra Corner
Did we say it’s getting stupid crazy down there in the Imperial City?
Well, we probably have….ad infinitum. And we are doing so again but not merely owing to today’s abomination in the once and former Peoples’ House, which thinks so little of its oath to defend the constitution and the rights of current and future taxpayers that it approved the $2 trillion Everything Bailout without even a roll call vote.
Then again, like the late night TV pitchman says – wait, there’s more!
Consider the chart below, which surely the Fed heads have not. To wit, it took the Fed 85 years after its doors opened in 1914 to print enough money to fund a $600 billion balance sheet.
It wasn’t exactly the Ohio State offense – three yards and a cloud of dust – which accomplished this. But it was pretty close – even including Greenspan’s first years at the helm. Between the famous Treasury Accord in 1951, under which the Fed was liberated from Treasury-ordered yield pegging, and 1999, its balance sheet grew at a modest 5.2% per annum.
And, by your way, the Fed’s relative stinginess with the printing press was a great big no nevermind. Real GDP grew at 3.4% per annum over that near half-century period, and real median family income more than doubled from $35,000 to $74,000.
We are pondering the number “$600 billion” today because its capsulizes the insanity loose in the Imperial City. What took 95 years to accomplish in the purportedly benighted 20th century, has now taken just five days!
You truly cannot make this stuff up. The Fed has purchased $622 billion of USTs and MBS since March 19th, meaning that its balance sheet has expanded from $4.75 trillion last Thursday evening to $5.372 trillion last night….
The rest here
Be seeing you
MCViewPoint 
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