We are familiar with the five stages of grief. However, it is not a stretch to apply those stages to what is happening to the banking system. Right now, we are in the second stage: anger.
The Biden administration has decided that the REAL problem with housing is that the wrong people are saving money and making timely mortgage payments. They must be punished.
Economically speaking, the US government is bankrupt even if the government won’t admit what is obvious. But how would an actual bankruptcy proceeding go?
Despite the soothing hot air from the White House and Fed officials, the financial system is becoming increasingly fragile and unstable. Maybe all of that intervention the past decade was not wise.
By any conventional measures of finance, the Federal Reserve has negative equity. In the long run, cooking the books only puts off the day of reckoning.
While most free market advocates are fixated on the national debt, they also should be looking at municipal debt over which taxpayers have no say. Maybe default is the answer.
While politicians, media mavens, and the academic elite spread fear about artificial intelligence, AI is helping make life better for ordinary consumers.
