The Fed announced their new QE3 policy today, a permanent money window designed to
suck up all the dead weight of the housing market buy the shitpile for the taxpayers’ Christmas gift. Some analysts are calling it “monetary morphine.” Looks like Bernanke knows he’s going down and is desperately trying to let Wall Street have access to one final bailout before Romney closes the money window. Romney is already on record as saying Bernanke will be out of a job if he is elected.
Some are saying this is a last ditch attempt by Bernanke to save Obama’s re-election chances, and it may very well be. But the smart money is on a 56-day farewell party and a big goodbye to access to citizens’ tax dollars for Wall Street and Bush-Obama hacks. Wall Street immediately whooped it up.
It can also be interpreted as a big FU to a pending Romney win.
This is an open thread.
Edited to say: I have no economic training and I’m just trying to pieces together based on what I’m reading and thinking. I have change the title and dialed it back a bit with this disclaimer. Hard to do from my phone, but there it is. Thanks for your patience.