The cabal news networks on the electric teevee are running out of human interest stories. (Tell me, Elizabeth, did it make you cry when you lost your dolly and saw your pretty little kitty drown right in front of you?)
So they're forced to move on to higher-IQ journalism --- Cost of Sandy $50 billion, OMG!!!
Of course it won't be $50 billion. That's a number plucked from bureaucratic butts in order to persuade us proles that our leaders are on top of things and have some foggy notion of what they're talking about. It will be higher, much higher with Obama's promise to "ignore red tape" and give every New Jersey tax-sucker everything he asks for.
Just for giggles, let's pretend the actual Sandy loss is $85 billion. So what? That's just what Ben Bernanke and the Feds spend every thirty days in buying debt that even a Lehman Brothers trader wouldn't have touched. Kwee 1, Kwee 2, Kwee 3 et seq.
You argue back that the Fed doesn't have any money to buy anything, not even enough to replace a single tassel on its Guccis? You forget. The Fed is allowed to make money. And we mean "make," not "earn."
It works like this. Every 30 days Ben strolls into his office about 9 o'clock. He rings for his administrative assistant who wheels in the cart with his fresh-squeezed orange juice in a silver server. He smiles at the first sip, starts humming zippity doo dah zippity day what a wonderful job. The he turns to his Cray and taps a few keys. Presto, $85 billion in nice new money.
The only difference this month is that he'll have to do it twice. Once to routinely buy the unrepayable debt. Once more for New Jersey pols and their neighbors.
So he puts in for overtime?
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