Trajan
conscientia mille testes
The one thing that gets lost in all this is the massive cost of moral hazard. As stunning as this may sound IMHO there has been very little change on Wall Street. I have little doubt that we will be in another massive banking crisis within 20 years if not sooner.
The other massive cost has been that these policies are laying the groundwork for future inflation. $700 billion will look like a drop in the bucket if inflation reignites.
agreed. its not so much that they did it, but the construct is there and the groundwork laid to make a perfectly efficable choice next time.
Inexorably we will move from -necessary, very rare, sometime(s)....then often...