The Times Are A-Changing

State Budgets: Day of Reckoning;

Build America Bond’s Program’s End Poised To Batter Municipal-Debt Market;

Why China Hasn’t Dumped American Bonds;

Behind Build America Bonds’ Popularity, Some Lurking Concerns;

Trojan Horse In Tax Compromise;

BABs: The Last Pillar Standing.

So will BABs be extended or not? I think it won’t make any difference. Change is underway. Suppose BABS really are The Last Pillar standing. Then what, if the program isn’t extended? Will the house of cards come falling down? No-one could put back Humpty-Dumpty together again?

It’s like water. Tsunami, rain or flood, irrelevant. For the past two years everything has been tried to end the leaks.  Result: QE I & II (self-defeating), austerity (self-defeating) and socializing bank losses (self-defeating). Everything has been tried, I said! Everything, but change.

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