Chris, It was the april 75s and see my mea culpa above. I misread an O for Q late last night.
2. Inflation is one possibility, but we had huge monetary expansion during the depression and it wasn't inflation then. The biggest problem I see is expanding money in the face of a capacity glut, and I have no idea which way that will play out, deflation or inflation. I do know it will end badly. The excess money cannot be invested in productive capacity as there is no demand for more stuff. So, it is going into speculative activities where it could actually be destroyed over time. For example, the credit created by Fannie Mae and Freddie Mac could disappear in a major downturn, and it would be a negative sum game, not a zero sum game. I'm not counting my put profits as balancing their losses. <G>
3. The Fed model is nonsense, which is why AG has never been right on a major market turn. So, since he was a dud in the real world, he took a civil service job. <VBG>
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