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« VIDEO - Draghi's Euro-Saving Bazooka Epic Fail! | Main | HOT LINKS: Taxpayers Help Fund Chevy Volt Village, GM Bailout Numbers NOT Looking Good For Taxpayers »

HILSENRATH SPEAKS - Bernanke's Mouthpiece Hints At New 'MBS Buying Program': "QE3 Is Likely In September"

Bernanke's favorite reporter, the Wall Street Journal's Jon Hilsenrath, breaks down yesterday's Fed statement on PBS Newshour, and hints that the next iteration of QE will be a new MBS purchase program to begin in mid-September.

Note to Ben:

Mortgage rates are at absurdly low levels already.  Anyone who can qualify is already in the process of refinancing, or purchasing.  Knocking 2 tenths off a 30-year fixed won't help, but a new trillion-dollar MBS QE program could easily spark more global commodity inflation. Corn and wheat are already spiking.  Shall we add crude oil, precious metals, and the rest of the complex to the mix?

If you really want to help the economy, make it rain.  No, not with newly-printed, pretend money.  With wet stuff.  You know, actual rain.  Indianapolis-Bloomington, not normally associated with the Sahara, has received less than 5 tenths of an inch since May 15.  We haven't mown the lawn, the entire lawn - not counting the flipping weeds still growing - in 9 weeks.  The beige grass cracks like dry kindling with each step.  It is audible.

If you are so powerful, like your Hilsenrath minions say, cook up some thunder and lighting, and send it our way.

Otherwise, lawn and landscaping businesses are probably gonna need a bailout.  Think about it next time you're up in the QE 'Copter dropping cash over college towns, cruising low over swimming pools, spying on co-eds in bikinis.

Don't deny it.  We've seen you at Kilroy's.



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Reader Comments (14)

Loved this. Great post.
Aug 2, 2012 at 1:40 PM | Unregistered CommenterPitchfork
Thanks James.


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Aug 2, 2012 at 2:23 PM | Registered CommenterDailyBail
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Aug 2, 2012 at 2:24 PM | Registered CommenterDailyBail
Hilsy was my frat bro and we were good friends. Drifted apart after college. When the economy tanked in '08, sent him an e-mail to get his take on what happened and was happening. His response: middle class is hosed and very few, if anybody will go to jail. This was before he moved to cover the Fed.

He must need to shower quite a bit to remove the slime he accumulates covering this sh!t...
Aug 2, 2012 at 2:44 PM | Unregistered CommenterJosie
Interesting. He seems like a good guy. I've been reading his stuff for years, but now that he covers the Fed, he has in a sense become the most important financial reporter in the world. He is the Fed's mouthpiece, apparently, since no one from bloomberg or the NYT is getting the type of info he gets.
Aug 2, 2012 at 3:08 PM | Registered CommenterDailyBail
Just in time for the election ROFLMAO and they claim the Fed is independent

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SHOCKING snippet

"The Fed has effectively replaced large segments of the market with itself -- it bought 77% of new federal debt in 2011, my calculations show."



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The depression is here — it’s just invisible

Aug 2, 2012 at 3:21 PM | Unregistered CommenterLiberatedCitizen
p.s. don't expect any help for the people the markets obviously come first

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Aug 2, 2012 at 3:24 PM | Unregistered CommenterLiberatedCitizen
Aug 2, 2012 at 5:49 PM | Unregistered Commenterjohn

Good guy, hard worker (wrestler in college), and although he works for the WSJ, has a bit of the NY liberal Jewish thing going. Is best friends with Steve Liesman; thus, his numerous CNBC appearances. Just part of the machine now, and I think he knows it...
Aug 3, 2012 at 10:32 AM | Unregistered CommenterJosie
I haven't read it yet, but that's a theme in Chris Hayes' new book, "Twilight of the Elites" -- that even those who go into a particular elite institution with eyes wide open, ultimately find themselves gradually compromised and gradually taking on the values of the institution they work for. In other words, they get "captured." Good interview on Glenn Greenwald's site.

Aug 3, 2012 at 10:47 AM | Unregistered CommenterPitchfork
I was just listening to the interview tiwh Chris hayes and he makes a point we've made here before -- that absolute levels of poverty and privation matter. IN other words, even though inequality is growing and even though many our out of work while bankers get taxpayer supported bonuses, no one is actually starving. Or very few are starving. And it's the fact that Joe Six Pack is still relatively comfortable and well fed that we haven't had our own Bastille Day moment here in America.
Aug 3, 2012 at 11:02 AM | Unregistered CommenterPitchfork

But ultimately untenable. Unlikely to see revolution in our lives, but will happen if we stay on our present path. It's a certainty. History is lost on us, for the most part. History teaches that all societies in which a few control the many by whatever means have failed. ALL. That is a sobering thought when viewing our present Republic.
Aug 3, 2012 at 11:44 AM | Unregistered CommenterJosie
I been figuring the hogs were ready to slop at the trough again for the last couple of months...

Country club memberships are coming due.
Aug 3, 2012 at 1:10 PM | Unregistered CommenterS. Gompers
Hilsenrath puts both feet in mouth at WSJ. Read the comments at WSJ and ZH!

Jun 4, 2015 at 6:00 AM | Unregistered Commenterjohn

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