May 14, 2012 – Quote of the Day

“Republicans and Democrats won’t engage in any kind of austerity because there is no consequence for the fiscal profligacy they are allowing today. With the Fed taking 60% of the Treasury’s bond issuance they are pulling the policeman off of the freeway so everyone can keep speeding. Until the bond market moves, you are not going to see a change in the current fiscal situation.” said Kyle Bass, founder of hedge fund Hayman Capital Management.