Friday, December 3, 2010
From Dr. Rothman, the WSJ and the NY Times...the numbers are frightening.
At one point, cumulatively, between March 2008 and March 2009 the Fed had extended over $9 Trillion in credit. Roll that over in your head one more time and see if you can wrap your mind around that....and then tell me that the Fed has made tremendous errors and needs to be vilified for its actions. Look at the list of the folks it extended credit to: Caterpillar, McDonalds, Harley Davidson and on and on. These weren't bailouts and the Fed has not lost a dollar on these actions as of today. Let's do the counterfactual: Take away $9 Trillion in credit like many of the flaming whack jobs want to do and what would have been the path of output and employment? I'll make book for any of you jackwagons out there who say we would now be better off. And I'll take every dime of that action.