FYI: Let’s hear it for the Costanza recovery. As every Seinfeld fan knows, George came to the realization that since everything he ever did was wrong, doing the opposite must be the right thing. And that may explain policy since the Great Financial Crisis: Do the opposite of what was done during the Great Depression.
So instead of letting banks fail, we bailed out Wall Street. Instead of trying to balance the budget, we ran megadeficits. And instead of letting the money supply shrink, the Federal Reserve slashed interest rates to zero and quintupled the size of its balance sheet.
Regards,
Ted
https://www.barrons.com/articles/the-feds-coming-rate-cut-could-be-a-blunder-51564187667?refsec=bonds
