FROM OUR INBOX
Re: The Gluttonous Feast Behind the Curtain The alleged $25K to “journalists” is particularly nauseating! And the Fed gets a $4 trillion slush fund and they are talking about buying securities directly. Look at the last 25 years in Japan and tell me how that is working out!? – Bob M. Steven Longenecker comment: I have some good news Bob – that figure was just what one journalist organization asked for . They ended up getting zip, as far as we can tell. The bad news, of course, is that Fed has in no way ruled out buying equities directly. What could possibly go wrong? No bailouts to companies that did share buybacks. Will CEOs and directors become the new targets for a French revolution-type action by the people? – Evan C. Steven Longenecker comment: We certainly hope not, Evan. There were well over 1 million people killed during the French Revolution and the Revolutionary Wars over the next decade. In the Terror, hundreds of thousands were arrested and tens of thousands were executed. We have little interest in bailing out companies with significant share repurchases... But that’s because we have little interest in giving bailouts to companies at all. If a business can’t raise needed capital in the market, why should the government give it to them? Let them fail. But please, keep the guillotines in the shed.
Buck Sexton comment: Jeff, I certainly hope you’re right about other places not being like New York City. This place is getting hit much worse than any other part of America. Given the way a crowd disease like COVID-19 spreads, it’s no surprise to anyone here how that could be the case. We are densely packed together all the time on mass transportation, in shops and restaurants, even walking down the street. New York City is my hometown – I love it – but it’s also the biggest petri dish in America, and we are suffering the consequences of that. Wyoming is going to have a much easier time dealing with this pandemic. Faith or fear... It’s a choice. It’s our turn in the bucket and we are going to find out what we are made of. The world is not ending, but there are going to be changes made. I think our priorities may return to a level of balance that existed in the ‘50s. That would be a very good thing! We each make a choice every morning when we open our eyes. We will either kill time or seize it that day. What will you choose? Keep smiling and stay well! – Richard E. Buck Sexton comment: Richard, I agree with you that the world is not ending. That’s certainly good news. But what will America look like when we finally get past this? The speed with which our leadership has been willing to nullify the Bill of Rights and put trillions of dollars more onto our national debt is stunning... and deeply concerning. Anyone who knows history should be highly skeptical of our government’s willingness to rein itself in.
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April 2020
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