John H. Cochrane: “If it leads to a debt crisis where suddenly interest rates spike, the U.S. needs to borrow, and bond markets say 'no,'…”

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

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.

Winston Churchill once said, Americans can be trusted to do the right thing after we have tried everything else.