For all of the pearl clutching about the fear of inflation or the devaluation of bonds, I don't see enough consideration of what happened the last time the money printer went brrr for TARP.

CPI stayed relatively stable, the bond market recovered, the money got (mostly) repaid. TARP ended up being a really smart move, even though it would have been better structured if it included a small business / consumer package.

It'd be interesting if this crisis taught us that the harmful effects of monetary creation aren't as harmful as we thought. Looks like it's time to see if this Modern Monetary Theory thing might hold water. It's terrifying but also kind of exciting.