The Start of Moral Hazard, Right?

The Iraq war cost around $8 trillion since we got in. And that's roughly the size of the Fed's balance sheet. I think that was sort of the turning point culturally where we abdicated responsibility to the federal system and resulted in the idea that we can keep on borrowing, keep on spending. It just sort of fed it on itself. The US debt to GDP ratios were not out of control back in 2000. They're now over 120%. If you look at everything local and state debt, you know, it's 134% economy-wide. So everybody is paying for those high debts with tax payers' money. That doesn't make any sense. You have to understand

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