OK, who feels economically stimulated? Raise your hands, please. Eeeyeww, put ’em back in your laps, you filthy bastards, they’re all sticky.
The notion of going further into debt — credit cards, auto loans, what have you — leaves me feeling fiscally flaccid, frankly. I just don’t think I can get it up for buying a bunch of crap, no matter how shiny it is, if it means that in six months when VeloNews gets sold to Condé Nasty and Bicycle Retailer becomes a quarterly online newsletter some repo’ man name of Guido is gonna kick in the door of my refrigerator box down by Fountain Creek and take it all back.
Maybe I can get a job running off thousand-dollar bills at the Denver Mint. That seems to be where all the action is these days:
Instead of trying to reduce overnight lending rates in the hope of influencing longer-term interest rates for things like mortgages, the Fed is directly subsidizing lower mortgage rates. It is doing so by printing unprecedented amounts of money, which would eventually create inflationary pressures if it were to continue unabated.
Oh, goody. Make that a bicycle box down by Shook’s Run.
Meanwhile, my buddy Matt reminds me that the bailout so far amounts to $24,000 for every man, woman and child in the United States, according to Bloomberg. That’s enough money to pay off half the mortgages in the country, conduct nine times the warfare we’ve already laid on Iraq and Afghanistan, and build a gold-plated escalator to the International Space Station.
OK, so I made that last part up. But it sounds about as sensible as propping up an elite class of paper-hangers so they can hose us all over again once we dummy up and resume buying shit on credit.
But enough about our crumbling economy. We’ve got a real crisis right here — cops rousting body Nazis from Santa Monica’s medians. Oh, the humanity.
