John H. Cochrane: “A central bank in a democracy is not an all-purpose do-good agency to subsidize what it decides to be worthy.”

Eliminating tax exemptions is a tax increase.

What is unsustainable eventually isn't sustained. And the question is, how does it blow up?

We are facing a real debt crisis, a very real debt crisis.

If it leads to a debt crisis where suddenly interest rates spike, the U.S. needs to borrow, and bond markets say 'no,' it looks a lot like Greece.