Washington Is Nuts

“Here’s the joke. As boom- and bust-prone as high finance always has been and remains, the greatest systemic risk to our economy is not Wall Street. It’s the growing federal debt (and weakening dollar) being enacted by those Washington politicians — the ones who want to protect us from Wall Street. … [T]he same Congress and president who want to stop the banks from taking too much risk cannot stop themselves from ever more deficits. Indeed, so intoxicated — nay, hypnotized! — by debt is the current government that it is not even proposing to try to cut back. Last week saw, at the same time: 1) the world shuddering about the debt-driven weakening dollar (‘The biggest story in the world economy is the continuing fall of the U.S. dollar, or at least it is everywhere outside of Washington, D.C., the place most responsible for its declining value.’ — The Wall Street Journal) and 2) Washington cheering Sen. Max Baucus’ health bill’s spending levels (‘Health Care Bill Gets Green Light in Cost Analysis’ — The New York Times). That’s right. The federal government is giving the ‘green light’ for the country to drive to the poorhouse — and drive there, I would argue, by way of the lunatic asylum. Are they nuts?” –columnist Tony Blankley

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