And Now For Something Completely Different

Not. The Fed, through its mouthpiece at the WSJ, Jon Hilsenrath, pre-announced QE3 this morning. Yet another “Large Scale Asset Purchase,’ this time of MBS (Mortgage Backed Securities). Of course, the idea is yet one more time to jam the stock market. From the WSJ:

Fed officials believe their past purchase programs helped to lift stock markets, by driving investors from low-risk investments toward riskier investments.

So now it is the Fed’s job to force desperate retirees to gamble in the stock market so the HFT boyz can take all their money? These are sad times indeed. Ille Fed delendus est, to borrow from Cato the Elder.

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