That, RS, and the fact that the whole economic paradigm has changed. It used to be recession and recovery; does anybody think it'll ever be that way again. It takes EXPENDIBLE INCOME to spur demand, which ramps up the economy and jobs.
From here on in...two things can happen. One is HIGHER TAXES on WORKERS to pay for all the subsidies to non-workers. Which shuts down the possibility of recovery. Less income for Government.
OR...QE. Book it, China and the rest of the World aren't going to buy bonds like they did Fannie Mae, to support our slacker-entitlement lifestyle, while the value of our bonds go south. After the House showed that it won't control the purse...they learned a lot. So did I.
There is not a politician sucking air that wants the thing to crash on their watch. Other than Obama...who has delusional dreams of Authoritarian Utopia. They are going to PRINT and ALLOCATE. And it's just a matter of time before the workers lay down...because the fruits of their labor goes to somebody else.
Hell, for all practical purposes...we *defaulted* today. We acted in a way that devalued our credit, and our International credibility. We showed that the Constitutional mechanism that has been the base for our credibility...has been breached. By a COMMIE (Socialist lite-irl).
This must be funny to the Chinese...but for that 1.3T they are holding.