Quote of the Day

“…Congress can indeed throw money into people’s pockets with still more tax cuts or tax credits. If it does, would it help the right people? Enough to matter? Once again, we come up to the issue of will Congress bail out the little guy at the expense of banks? I suspect not, but it may try something. If it does, will it backfire? I suspect so. The belief in Congress to do something that will work is staggering. The creation of Fannie Mae to make housing more affordable did the opposite. The “war on terror” increased the likelihood of terror. Invading Iraq was supposed to free up oil to pay for the war. Did it? We fought the Vietnam War on the “domino theory.” What happened? The Smoot-Hawley Tariff Act was supposed to save U.S. jobs – did it? Exactly what did the “war on poverty” accomplish? Now, all of a sudden, there is some massive belief that Congress will do something intelligent and that it will work to stop deflation. I find that amusing...”

Mike Shedlock

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