Great rant from Barry Ritholtz. He's mad as hell and he's not going to take it anymore!
"What do you do if you have a philosophy that over the course of half a century, is continually proven wrong?
I do not mean a little bit off, or theoretically askew, but verifiably, factually, quantifiably wrong? Do you admit the error and change course? Or do you double down and keep repeating the same nonsense, hoping that maybe in another half-century you might be proven right?
Which brings us to those of paragons of Puritan fiscal morality, the deficit fighters.
They have been repeating the same arguments, again and again, my entire adult life. They make dire scary warnings about government deficits, and yet none of the things they warn about ever come true.
We are told (over and over, again and again) that if we allow the federal government to deficit spend, a parade of horrors awaits us, including:
• Excess Federal spending will crowd out Private Capital, choking innovation and new company formation;
• The costs of US borrowing will skyrocket, making the debt impossible to manage;
• The US Dollar will be devastated, and it will be radically devalued against all other currencies;
• All of this will cause rampant inflation, spiking prices to levels not seen before;
• Deficits will act as a drag on the overall economy;
It has been 50 years of hearing this — and NONE OF IT HAS PROVEN TRUE. So I am calling bullshit on this — and you should, too.
All of the players involved in the hysteria / deficit debate in D.C. — elected officials, staff, economists, the media, and even voters — all pretend to be very serious about this. NONE OF THESE EVENTS HAVE OCCURRED. It is maddening."
I concur, brother Ritholtz. I too am mad as hell and not going to take it anymore!