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I was here in 2008. QE was a very contentious thing, and it is indeed mildly theoretically surprising that it worked. Remember that even 2008 Congress rejected the first bank bailout, leading to a 8% drop in the broad averages. Bailout is the new *baseline*, but consider how Bessent and Trump would approach a crisis. Bessent is perfectly willing to sock Pulte in the face and stare down the BoE. Read up on him and Lutnick. Does Jeffries grandstand? Is Schumer willing to cut a deal? How do nominal conservatives go about *orchestrating a bailout*? I'm not convinced that "money printing" is inevitable here, nor am I convinced it would be effective if attempted. Heretical.
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