Federal Reserve support is a breeding ground for moral hazard, whether support takes the form of emergency lending to MMMFs at below‐market rates or the form of purchasing assets from MMMFs at above‐market prices.
The economic damage from COVID-19 business shutdowns could be massive. While federal and state policymakers are holed up in their homes in coming weeks, they should be thinking about tax and regulatory reforms to spur short‐term recovery and long‐term growth.
The FBI Foreign Intelligence Surveillance Act (FISA) surveillance application process is a total debacle. Exactly how many Americans were wrongly targeted for FISA surveillance–and possibly prosecution–on the basis of bogus FISA applications?