QE3 Day 2: Stocks Hold onto Gains

     There is a lot of debate about whether or not this is a good thing. There are those on both the Left and Right who don't think so.

      For me,  on this, for once, I'm undecided. I don't know for sure if it will work. Some of those who argue it won't make a compelling case.

      The market continues to like it as the market has been mildly up all day-the big thing to see here is that the market is not selling off the gains.

      There's an old saying: There are no atheists on foxholes. Well some are critical. But on this I'm no atheist. At least Bernnake said the kinds of things we don't hear about too often from any of our public servants.

       He talked about the idea that unemployment was an ongoing problem for all Americans and that he was willing to do all in his power to put a stop to it.

       We'll see how great his powers turn out to be but at least he has the will-we'll figure out the body later. Contrast this with the GOP Congress and Mitt Romney who only care about tanking the economy to get him elected. I'll take it.

       I notice also that CNBC has a piece asking if QE disproportionately helps the rich. If that doesn't make you suspicious then nothing will. After all, why does the WSJ, CNBC much of the Wall St press always inveigh against Fed easing? Yet today they quote Donald Trump concerned about the 99% getting the shaft from the new aggressive Fed policy:

      "Donald Trump – not usually one for distributional analyses of monetary policy – said on CNBC yesterday that “People like me will benefit from this.”

       http://www.cnbc.com/id/49031991

       Is this the real reason Trump  opposes it? If the filthy rich benefit from this, then why is one of the world's richest man have such a long face today?

       Why does Mitt Romney sound like he's not amused?

      "Mitt Romney says he would fire him. A South Carolina state senator recently called him a “traitor” bent on “rotting out our republic.” Angry House Republicans say he’s making a power grab on powers the Constitution gives to Congress."

     Read more: http://www.politico.com/news/stories/0912/81187.html#ixzz26TSh5nV2

     Let's face it: the only inflation they are worried about is inflation of the President's poll numbers.