Fiscal cliff: All tax increases and no spending cuts won't fly

Commentary: Obama is trying to push the nation further to the left than it lives

Lot goin’ on. First the Fed, then the Cliff.

The Fed has embarked on QE4, or open-ended, or without end. Whatever. Next year the Fed will buy $1 trillion in Treasurys and mortgage-backed securities (MBS), and continue to buy until enough people are back at work, and stop short only if inflation becomes a problem. The buying is designed to keep long-term rates of all kinds low and borrowing cheap, thereby reviving the economy.