Fungible: (esp. of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind. Congress is a manufacturer of stupidities, the latest being to raise limits on FDIC insurance. If it were not so commonplace, we would realize that it is totally absurd (and no doubt unconstitutional) for Congress constantly to be changing the rules of the game! In finance, we have the concept of “noise”, which is random variation induced for no good reason. Congress manufactures noise by the barrelful, but there is usually … Continue reading Money is fungible, Congress