Compass Point’s Boltansky says Washington stimulus package is dead
Cartoon courtesy of MichaelPRamirez.com
“We are focused on the next tweet. We are not focused on long term policy making. I think that this is part of the system failure that we have seen in Washington in recent years – that there is no long-termism. And that is clearly evidenced by its lack of focus on a fiscal package that would help us emerge from this crisis.”
USAGOLD note: A well-reasoned look at where we are headed on the fiscal side. Boltanky’s views will come as a disappointment for those who see a fiscal rescue package as a means to an end, i.e., a way to push money into an otherwise moribund credit market and boost recovery on Main Street. He sees the upcoming fight over a Supreme Court nominee as taking precedence over the economic crisis in the weeks ahead. Assuming Boltansky is correct, how all of this will play in financial markets is anyone’s guess at this juncture.
Repost from 9-24-2020