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November 11, 2010

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nato

I was defending the elimination of the mortgage interest deduction to coworkers today, and, judging by their reaction, they understood me to be advocating puppy-killing and nuclear war. Every skeptical comment from legislators - from both parties - has expressed reluctance to touch medicare and social security.

This one's going to be tough. I hope people are worried enough to realize they're going to need to do this or something similarly agonizing.

Tom

Other than the issue of illegal immigration, I can't think of another time I've been in more an agreement with Nathan. I've read a lot of FUD about how the fed is going to print all of this money, and inflation is going to be out of control, and we're going to end up like Zimbabwe, but Quantitative Easing is a brilliant move. In my opinion, they should have committed to buy more than $600 billion, but maybe there were political reasons for not doing so. We are on the brink of another deflationary spiral, and QE is the perfect response. If QE hurts anyone, it's not Americans, it's China, which owns a lot of our debt and continues to manipulate currency markets. QE is like a big middle finger to China, and I applaud the fed for making such a bold move.

Regarding the deficit commission's recommendations, it's time for the Republicans to put their votes where their mouths are. If Democrats aren't on board, then they deserve their fate at the polls.

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