Too bad there are so many economic illiterates and those who believe this mess could be cleaned up with no pain. If there weren't so many Ron Paul would be the next president as he was the only one who even had a chance of getting this under control. The parties made their choices, let the general public sleep with either one of these two ciphers they nominated. Neither will take the action necessary to deal with this. "Because the initials of quantitative easing - QE - have brought to mind the famous Queen Elizabeth cruise ships, many have likened these Fed moves as giant vessels that are loaded up and sent out to sea. But based on their newly announced plans, the analogy no longer applies." No, it doesn't. Call it the Titanic.
With yesterday's Fed decision and press conference, Chairman Ben Bernanke finally and decisively laid his cards on the table. And confirming what I have been saying for many years, all he was holding was more of the same snake oil and bluster. Going further than he has ever gone before, he made it clear that he will be permanently binding the American economy to a losing strategy. As a result, September 13, 2012 may one day be regarded as the day America finally threw in the economic towel.
Here is the outline of the Fed's plan: buy hundreds of billions of home mortgages annually in order...
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