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

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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.