QE3 is now official
QE1 and QE2 worked so great, our economy has just been booming the last four years thanks to these great programs and unemployment is so low... So let's do it again! QE3 will consist of the fed waving their magic wand and conjuring $40 billion a month into existence and purchasing mortgage backed securities- for those keeping track, combined with the "twist" where the government is purchasing its own bonds, the fed will now be creating $85 billion a month. What does this mean for you? More inflation, a continued weakening of the US dollar, growth in the stock market, lower interest rates (especially for mortgages) and continued high level of unemployment for the foreseeable future. Bernanke is a fucking idiot and our economy doesn't stand a prayer of reaching a real recovery until we get his ass thrown out into the street.
It was morality that burned the books of the ancient sages, and morality that halted the free inquiry of the Golden Age and substituted for it the credulous imbecility of the Age of Faith. It was a fixed moral code and a fixed theology which robbed the human race of a thousand years by wasting them upon alchemy, heretic-burning, witchcraft and sacerdotalism.-H.L. Mencken