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" ... Harris, the nation discovered, doesn’t shy away from hyperbole. She started the debate by calling the Trump Administration’s handling of Covid “the greatest failure of any presidential administration in the history of our country” (I’ll leave it to historians to discuss if that’s the case, or if the years leading up to the Civil War might have been more presidentially negligent). ... "
" ... Perhaps most important, how will the $454 billion of this assistance handled by the Federal Reserve actually work in practice? Will it be adequately supervised given the President’s statement that he will not allow a special inspector general of the assistance program to issue reports without “presidential supervision”? Should the Senate demand a commitment from the presidentially appointed Inspector General report to Congress any executive obstruction or interference? Or would Congress be better off focusing its energies altogether in helping fund a cure for the virus instead of negotiating a $500 billion corporate assistance program? These are the tough questions that must be asked today and as the stimulus package is in its various phases of implementation. Only time will tell if transparency won the day and if funding gets into the right hands to meet the dire demand. The margin for error is too slim. If we fail, unlike past moments in recent bailout history — there’s no guarantee we’ll be granted the opportunity for a do over. ... "
" ... Then there are the Clinton proposals to effectively move towards forgiveness of federal loans, starting with a presidentially decreed (!!) loan moratorium. This adds to the moral hazard problem already present: why pay off your federal loans when the government will allow you to delay payment and will forgive them if you do not pay them off in a politically determined time period. Where is the fairness here: what about the millions of Americans who have sacrificed to pay off their loans? Also present in the earlier Clinton proposals are special loan forgiveness for those sainted students who take public service jobs, as opposed to selfish graduates taking jobs working for those greedy capitalists (who, however, pay the bills, make the investments, hire the labor, and invent the new goods that provide for our betterment.) ... "