Thanks, Fed, Washington’s Fiscal Insanity Is On You!

While the Federal Reserve has decreed the Federal Funds rate to be zero and undertaken QE to distort rates, Congress has understood this zero interest rate policy to mean “free” money since the interest rates are so low. The Federal Reserve’s actions have destroyed Congress’ primary role of compromise, striking a balance between spending and taxation. For those that wonder why “fiscal conservatism” died, it was the Federal Reserve that killed it.