The Land of the Free Lunch

…we've come a long way from when Andrew Mellon was Secretary of the U.S. Treasury in the late '20s. When Wall Street cracked in '29, Mellon had the solution: let it happen!

"Liquidate the banks, liquidate the farmers, liquidate Wall Street…" Mellon was ready to let the chips fall wherever they might.

But four score years later, the chips are held up…cushioned…and caught by public nets by officials pretending to labor in the name of the public. Whether it is good or bad, we have no opinion. But it is certainly different.

A few weeks ago, we were reminded that, bad as things are, "it's not a recession." Well, maybe it's not. Maybe it's much worse.