Monday, October 20, 2008

Bernanke: Let's Drop Money From Helicopters

Borrow and spend.
Federal Reserve Chairman Ben Bernanke endorsed congressional plans for a stimulus package Monday, giving a critical boost to Democratic lawmakers who are looking to inject more government funds into the economy.

Testifying before the House Budget Committee, Mr. Bernanke said a fiscal stimulus from Congress "seems appropriate" because the economy likely will be weak for several quarters, "with some risk of a protracted slowdown."
He went on to say that once you reach $10T in debt, there's hardly any point in stopping short of $20T.*

Here, American politicians shortcut the entire process and simply drop dollar bills right into a raging forest fire.

I read a great quote somewhere in the blogosphere recently. It said that the Bush administration came in as social conservatives and is leaving as conservative socialists.

* - He didn't really say that last part. He probably couldn't think of a number high enough to be an acceptable upper limit for the debt and thought that saying "a million bazillion jillions" sounded silly.

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