QE3: Bernanke’s Obama Bailout
Here it is, QE3, straight from the horse’s mouth. The Federal Reserve statement: “To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.”
So, there it is, ladies and gentlemen. It’s basically a bond-buying program. It’s being called another aggressive stimulus program. Forty billion of mortgage debt per month, and they’re gonna continue to purchase the assets until the outlook for jobs improves substantially. Well, the outlook for jobs is not going to improve substantially as long as we have policies in place by Barack Obama and the Democrat Party. So this means forever, until the outlook for jobs improves substantially. So we’re basically printing more money, QE3. Printing money equals inflation, equals Zimbabwe, Third World. The stock market loves it. It’s like a sugar high. Stocks are gonna go through the roof. The stock market is going to love this. In fact, they already do. And that will be fine with Obama.
The optic of the stock market going up will, in his view, hopefully cancel out all the other bad economic news, like the unemployment number today is back up again, no improvement whatsoever. In fact, there hasn’t been any improvement at all. It’s not even being discussed because Mitt Romney’s the big problem in the Drive-By Media. This is a huge amount of money. Why is it necessary to spend $40 billion a month if the private sector’s doing so well? Obama’s claim, “We’re coming back.” The whole Democrat convention: We’re roaring back, we’ve turned the corner, we’ve turned the tide, whatever. They’re gonna purchase these assets until the outlook for Obama’s job improves, is what they really mean. It’s his job they’re worried about. The vote, by the way, was 11 to one at the Federal Reserve. It didn’t work.