Six weeks ago, Michael Cembalest, CIO of J.P. Morgan Global Wealth Management, sent out his regular "Eye on the Market" newsletter, which included a stunning chart. Comparing the current economic "rescue mission" with past recessions (as of April 22), Cembalest displayed monetary and fiscal stimuli, with the Sun deities representing the present policy response:
All you can really say about this is, wow.
Cembalest began the newsletter by recalling that "ancient sun worshippers were mostly unaware of the astronomical forces at work guaranteeing that the sun would rise every day, whether they offered a sacrifice or not." This could probably apply to most economic policymakers, who often seem to think that, but for their efforts at managing and steering the economy, all growth and activity and innovation would come to a halt and we would all pitch into poverty.
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