"If this is a precursor to what we can expect throughout the US...there's no word for it. This reflects the complete shutdown of the economy."
"We will follow the Fed and other [developed market] central banks by purchasing what they're purchasing, and assets that rhyme with those."
"The authorities have been so reluctant to see the creative destruction that's so important to successful capitalism that they had to make another stunning major intervention."Ever since the Fed of the late 1990s decided to bail out the financial system post the Long Term Capital Management collapse, we've had rolling state-sponsored capitalism and large moral hazard."This has meant that each subsequent default cycle (or mini market cycle) has been less severe than the free-market parallel-universe version would have been and has left increasingly more debt in the system as a result and meant that the intervention necessary to protect the system has got greater and greater. In my opinion, it also helps lock in lower productivity as you keep more low/no growth entities alive."
"Given the finite ability to service debt outstanding...future economic growth, if we are to have it, will need to be based largely on gains in productivity."