The election is moot now. The next pres is just presiding over the printing of endless hundreds of billions of worthless federal reserve notes.
I was thinking the same thing.
The cheering, waving and all that suddenly seem so distant.
“The election is moot now. The next pres is just presiding over the printing of endless hundreds of billions of worthless federal reserve notes.”
Hardly.
This is to put out the fire. This action is both needed and not unprecedented (vis S&L bailout).
The next Congress will now redefine how the financial markets get regulated. THAT IS A BIG DEAL and it makes the election very consequential.
Forbes made the following proposals:
1. Strengthen the dollar
2. Suspend mark-to-market for long-term illiquid assets
3. reimpose uptick rule and enforce rules against naked short-selling
4. Set up RTC-like entity to buy up distressed assets and liquidate them in an orderly way. WHich is what Paulson proposal is doing.