The Philly Fed’s Plossner repeated to CNBC today that which most policy makers, we believe, fear to be true - a QE3 would do nothing to help the economy.
This is why we titled a recent sketch "Cheerleaders." This time Bernanke knows he is very much in a bind, one of his own creating. He is now hostage to expectations, to the demands of the mkt crowd.
If their god does not deliver, the crowd will resort to violence. Cooler heads had better stay indoors.
Robert Craven
No comments:
Post a Comment