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Fed Buys $20 Billion In QE3 Mortgages; Jobs Created: Zero

Tyler Durden's picture




 

Yesterday, the Fed reported the first $20.1 billion in net, non-rolling purchases of MBS eligible under QE3 (consisting of FHLMC, FNMA, GNMA and GNMA2, most likely the bulk of them coming out of a certain office in Newport Beach which has decided to start locking in its monster profits for the year after getting QEternity spot on). End result: jobs created or saved zero. But at least we got the first recessionary PMI print, and an employment component that was the lowest since March 2010. When in doubt who can destroy the economy the best, just leave it to Benver.

 

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Fri, 09/28/2012 - 10:58 | 2838861 hedgeless_horseman
hedgeless_horseman's picture

 

 

"Rates may go lower, I'm going to wait to refi."

Translation:  "Fuck you Bernanke!"

Fri, 09/28/2012 - 10:58 | 2838875 slaughterer
slaughterer's picture

Bill Gross is not going to be buying AAPL with his QE3 money.  

Fri, 09/28/2012 - 10:59 | 2838884 Precious
Precious's picture

Wondering why Finviz dropped ZeroHedge.

http://finviz.com/news.ashx?v=2

Fri, 09/28/2012 - 11:03 | 2838895 MillionDollarBonus_
MillionDollarBonus_'s picture

Bad news for goldbugs: 50% of the world’s gold is used  as jewellery, and after a brief investigation into the industry I'm afraid to report that jewellery demand is absolutely collapsing. If the jewellery market can’t hold up, then we may be in for a monumental collapse in the gold price.

Source 1: World Gold Council reports falling jewellery demand http://jewelleryoutlook.com/index.php?option=com_content&view=article&id=1048

Source 2: Platinum jewellery demand is also falling, indicating a general trend http://www.retail-jeweller.com/products/platinum/demand-for-platinum-jewellery-falling/3100080.article

Fri, 09/28/2012 - 11:04 | 2838906 LawsofPhysics
LawsofPhysics's picture

Riiiiggggghhhhht. because the purchasing power of all fiats is holding up so much better.  Come on MDB, you can do better.

Fri, 09/28/2012 - 11:04 | 2838911 Stackers
Stackers's picture

Good thing I'm all in on silver then

Fri, 09/28/2012 - 11:19 | 2838985 MillionDollarBonus_
MillionDollarBonus_'s picture

The outlook for silver is even bleaker, I'm afraid. Firstly, graphene is set to replace many of the industrial uses for silver, causing an avalanche of new supply on the market. In addition, miners are increasingly incentivised to increase output, as silver trades at a 15 dollar premium to fair value.

Source: Graphene replicates many of the industrial uses for silver, which is great news for consumers, but bad news for silverbugs http://silverting.wordpress.com/2012/01/01/graphene-may-replace-silver-in-technology/

Fri, 09/28/2012 - 11:24 | 2839004 LawsofPhysics
LawsofPhysics's picture

How's that worked out over the last 20 years again?  LMFAO!!!  Still have the same number of ounces and guess what?  They still have great purchasing power.  Come on MDB, give us some real satire to laugh at.

Fri, 09/28/2012 - 11:35 | 2839051 xtop23
xtop23's picture

Graphene is interesting, but I think more than likely it would affect the Copper space more than Silver.

The possible antimicrobial properties also could be worth investigation in the future.

The technology is still in its infancy and a long way from displacing Silver in this area. Certainly not in the next 5-7 years where I plan on booking the profits from my PM's and diversifying into other productive assets.

Fri, 09/28/2012 - 11:41 | 2839074 Bastiat
Bastiat's picture

Please tell us what the "fair value" of silver is, wise one.

Fri, 09/28/2012 - 12:12 | 2839200 Thisson
Thisson's picture

It's a good thing he hasn't learned about abiotic silver yet...

Fri, 09/28/2012 - 11:51 | 2839115 XitSam
XitSam's picture

You're quoting a blog, possibly a spam blog, that has a total of two (2) posts. Seems legit.

Fri, 09/28/2012 - 12:25 | 2839262 Praetorian Guard
Praetorian Guard's picture

MDB is correct. We have been working with graphene as of late, and far superior and cheaper than silver. Especially when it comes to energy storage and production.

Fri, 09/28/2012 - 12:51 | 2839325 Praetorian Guard
Praetorian Guard's picture

Its nice some tool tard gave it a negative... another ignorant, non educated sheep...

Fri, 09/28/2012 - 13:11 | 2839351 Quinvarius
Quinvarius's picture

You should probably look up how much it costs to make Graphene and also note that there aren't any major applications for silver that it can replace as well as silver.  You'd be better going to copper or steel than Graphene.  Graphene that is not manufactured in the proper way and in the proper thickness is useless.  And the price for that is in the 100's of dollars per square inch.

Fri, 09/28/2012 - 13:33 | 2839438 Praetorian Guard
Praetorian Guard's picture

Graphene is getting cheaper by the day. Yes, there are some very major applications for graphene, and no in many of the applications that are used in energy harvesting, silver, copper, steel et al, are NOT options.

Fri, 09/28/2012 - 13:56 | 2839511 BattlegroundEur...
BattlegroundEurope2011's picture

Then silver can be the poor mans gold ;)

 

Plenty of Gold and silver to back up paper money.

Fri, 09/28/2012 - 19:16 | 2840414 SmittyinLA
SmittyinLA's picture

Graphene is made in a kiln powered by electricity either hydro, oil, coal, nuclear, wind or whatever, its cost is tied to the cost of electricity, silver is more conductive too.

Americans aint gonna be buying or using any energy intensive related industries, we simply cannot compete with China with our current environmental laws, besides we have Mexican silver miners, MILLIONS OF THEM.

Fri, 09/28/2012 - 11:05 | 2838913 Seize Mars
Seize Mars's picture

How is the market for debt-based extortion and war?

Surging?

 

Fri, 09/28/2012 - 11:05 | 2838916 Cole Younger
Cole Younger's picture

QE will prop up PM's...so don't wory..Creating 40 billion a month out of thin air will send gold through thee roof...

Fri, 09/28/2012 - 11:05 | 2838917 Village Smithy
Village Smithy's picture

But doesn't gold have more uses than just jewelery. I'm thinking...oh I know one...as a hedge against inflation.

Fri, 09/28/2012 - 11:11 | 2838950 Temporalist
Temporalist's picture

Gold is only good for burying and making into giant cubes to fondle.  Just ask uncle Warren.

Fri, 09/28/2012 - 11:45 | 2839096 Tijuana Donkey Show
Tijuana Donkey Show's picture

What about a gold idol of Becky Quick? Buffett will fondle that all day long.

 

Fri, 09/28/2012 - 12:15 | 2839218 Thisson
Thisson's picture

Gold is a shitty hedge against inflation.  You don't know that???  Gold is a hedge against deflation, declining real interest rates, and political instability.  You want to buy gold when interest rates are high but declining.    If you want to hedge against inflation, the best plays are probably real estate and LEAP calls.  Unfortunately, this is very speculative.

Fri, 09/28/2012 - 11:08 | 2838929 xtop23
xtop23's picture

A significant drop in PM pricing ? We should be so lucky. I don't know about the rest of you but I've saved plenty of dry powder for just such a gift.

Fri, 09/28/2012 - 11:17 | 2838978 RiotActing
RiotActing's picture

You are so fucking stupid its not even funny....

Fri, 09/28/2012 - 13:12 | 2839377 TheCanadianAustrian
TheCanadianAustrian's picture

I'm afraid it is you that is the stupid one among the two. Just so you know, there is a world of comedy beyond Adam Sandler.

Fri, 09/28/2012 - 11:24 | 2839008 Bansters-in-my-...
Bansters-in-my- feces's picture

MDB.....

You are one fucking idiotstick.

Fri, 09/28/2012 - 11:31 | 2839043 f16hoser
f16hoser's picture

That's funny, Soros/Buffet (love 'em or hate 'em) see it differently. Central banks are buying-up Gold like crazy. TPTB are delaying the masses from buying PM's as long as they can so they can buy on the cheap. Monoply currency or "Real Money?" GEE, let me see...... 

Fri, 09/28/2012 - 11:33 | 2839045 Taint Boil
Taint Boil's picture

 

 

 

Dear Mr. Million Dollar Bonus,

 

When ever I have the pleasure and luck of coming across your posts the hair on my neck stands up and it tingles with excitement. When the sweet poetry of intelligence that flows out of your key board and into my simple brain it makes every molecule in my body explode into …. into a …  well better not say here on Zero Hedge.

 

It is an honor and privilege to have access to your writings and opinions. Please keep up the good work and please ignore the down arrows – they just don’t understand.

 

Taint Boil

 

Fri, 09/28/2012 - 11:46 | 2839101 Tijuana Donkey Show
Tijuana Donkey Show's picture

Ditto. MDB=Funny shit. People, try and get the joke.

Fri, 09/28/2012 - 11:39 | 2839064 flyingpigg
flyingpigg's picture

It would be nice if you were correct on this call MDB because we didn't see a lot of buying opportunities in gold recently. But since your analysis is only focusing on one segment of the demand side leaving out major gold stackers like China and since you are also completly ignoring the latest supply issues, I'm afraid we won't see a "monumental collapse" like FB.   :)

 

Fri, 09/28/2012 - 12:17 | 2839228 PiratePawpaw
PiratePawpaw's picture

The "jewelry" industry is booming around here, especially the decorations for local lake bottoms. You should see where I keep having my accidents, Its absolutely fabulous.

Fri, 09/28/2012 - 13:05 | 2839358 Anasteus
Anasteus's picture

Million Dollar Bogus

Fri, 09/28/2012 - 20:42 | 2840592 Xanadu_doo
Xanadu_doo's picture

Yes! Yes! Let gold and silver crash and burn, PLEASE!!!!!!!!

Fri, 09/28/2012 - 11:10 | 2838943 LBI Trader
LBI Trader's picture

its there under blogs. Bottom left of page.

Fri, 09/28/2012 - 11:17 | 2838964 Precious
Precious's picture

And it's tracking exactly zero posts.  So ...

In the meantime, reads on Zero Hedge have dropped by 1/3 to 1/2.

Maybe Finviz demanded some coin.

Fri, 09/28/2012 - 12:54 | 2839333 tescher
tescher's picture

Perhaps because they think ZH is a hyperbolic, financial Chicken Little?

There is some good info on this blog, but you really need to dig through the cr@p to find it.

Fri, 09/28/2012 - 18:59 | 2840379 Precious
Precious's picture

And now ZeroHedge is back up on the Finviz blog stream.  

"Hyperbolic" must have been the magic word.

Fri, 09/28/2012 - 11:45 | 2839102 LMAOLORI
LMAOLORI's picture

 

 

What I think is hilarious is that anyone believed QE would create jobs in the first place

Pimco's Gross: Want to Make Money? Front-run the Central Banks

Fri, 09/28/2012 - 11:00 | 2838878 GetZeeGold
GetZeeGold's picture

 

 

If I could get a job, I could get a house, then I could have Shalom Ben pay for it.

 

I think they're doing it bass ackwards.

 

Fri, 09/28/2012 - 11:18 | 2838977 Vincent Vega
Vincent Vega's picture

If you become a banker you can just steal what you need.

Fri, 09/28/2012 - 11:00 | 2838885 Winston Churchill
Winston Churchill's picture

0.25% would be good.What good for the goose...

Damnit Ben just pay us to have mortgages,

Fri, 09/28/2012 - 15:44 | 2839858 gatorengineer
gatorengineer's picture

Why stop at positive, I think we should go straight to negative mortgage rates.....

Fri, 09/28/2012 - 11:44 | 2839092 BlandJoe24
BlandJoe24's picture

QE3 was not meant to help jobs or even raise the stock market, it's MBS purchasing is meant to remove bank's liability for fraud infested mortgages and disappear them (into the bowels of the Fed).  IE, take the toxic mortgage related assets off the bank's hands... disgusting.

Fri, 09/28/2012 - 10:57 | 2838869 LawsofPhysics
LawsofPhysics's picture

But how many "fees" and "bonuses" were created for bankers?  Get the motherfucking guillotines out already.

Fri, 09/28/2012 - 10:57 | 2838870 bigdumbnugly
bigdumbnugly's picture

uhhh, quick, liesman's take will be...

got it:  jobs are a lagging indicator.

Fri, 09/28/2012 - 11:29 | 2839030 101 years and c...
101 years and counting's picture

the goal is to lower UE.  one way is for people to actually work.  another is for people to become so disgusted, so they quit looking.  another way, is for people to die from poverty.  Ben has chosen the 2nd and 3rd option.

Fri, 09/28/2012 - 12:08 | 2839177 MiltonFriedmans...
MiltonFriedmansNightmare's picture

The goal is to extract every last dime from the middle class, a goal that's well on it's way to realization.

Fri, 09/28/2012 - 10:59 | 2838880 jjsilver
jjsilver's picture

CFTC Orders JP Morgan Chase Bank, N.A. to Pay $600,000 Civil Monetary Penalty for Violating Cotton Futures Speculative Position Limits

In addition to imposing the $600,000 civil monetary penalty, the CFTC order requires JPMCB to cease and desist from further violations of Section 4a(b)(2) of the Commodity Exchange Act and CFTC regulation 150.2, as charged.

http://www.cftc.gov/PressRoom/PressReleases/pr6369-12

Fri, 09/28/2012 - 11:05 | 2838915 Quinvarius
Quinvarius's picture

They should say exactly how much over the contract limits JPM was so people can judge how poorly JPM monitors their traders.  Whale trade after whale trade.  Clearly Jamie Dimon is poor manager and a complete fucktard.  Why is he still employed?

Fri, 09/28/2012 - 11:21 | 2838948 xtop23
xtop23's picture

Non-event. A 600k slap on the wrist when you booked profits > a few billion or more, is simply good business to the bankers.

And you can be assured that a clause admitting no wrongdoing is explicitly stated in the settlement language.

Move along.

P.S. Bart Chilton is a pussy.

Fri, 09/28/2012 - 12:08 | 2839178 pods
pods's picture

A $600k fine is a rounding error to JPM.

pods

Fri, 09/28/2012 - 10:59 | 2838882 MFLTucson
MFLTucson's picture

Bernanke belongs in jail.  He is a blatant liar and con man!

Fri, 09/28/2012 - 11:02 | 2838899 LawsofPhysics
LawsofPhysics's picture

No, he deserved to be tried and executed for treason.  Time for some real consequences.

Fri, 09/28/2012 - 11:06 | 2838921 Everybodys All ...
Everybodys All American's picture

I've been saying this for a long time. I would not want to be Bernanke when the rest of the American people figure this out.

Fri, 09/28/2012 - 11:17 | 2838975 Tsar Pointless
Tsar Pointless's picture

All well and good, but first, you will have to give the "rest" of the American time to deal with several other more pressing matters.

There's the saga of the replacement refs being replaced by the old refs in the NFL. There's the ongoing NHL labor dispute. There's the new fall teevee season. Let's see - there's also the MLB playoffs coming up next week. And etc, etc, etc.

So, basically, you might be waiting for a goodly time period.

Fri, 09/28/2012 - 11:31 | 2839040 LawsofPhysics
LawsofPhysics's picture

Just wait.  When the power starts going out on a more permenant basis and real goods and services can no longer be delivered, the sheep will notice.

Hedge accordingly.

Fri, 09/28/2012 - 11:35 | 2839052 Tsar Pointless
Tsar Pointless's picture

Okay. So we're all going to hitch rides in somebody's SUV and take a little trip to Ben Bernanke's house and TCB, right?

Or, there will be the usual looting and destruction of property in our own neighborhoods, instead.

Fellow ZHers, there are your choices. Green arrow or red arrow away!

Fri, 09/28/2012 - 11:37 | 2839059 LawsofPhysics
LawsofPhysics's picture

Many communities are doing the right things and having an adult conversation about reality.  All you need to worry about is whether or not you are in one.  Look around, it's an easy thing to spot.

Fri, 09/28/2012 - 12:16 | 2839224 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Really? I missed it.

Fri, 09/28/2012 - 11:53 | 2839127 calgal
calgal's picture

I would not want to be us when the rest of the American people figure this out.

Duck and cover.

Fri, 09/28/2012 - 12:14 | 2839214 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Treasonous fucktard has a certain ring.

Fri, 09/28/2012 - 11:01 | 2838889 takinthehighway
takinthehighway's picture

Would that office be Robotrader's corner office with the four computer terminals?

I kinda miss him...

Fri, 09/28/2012 - 11:01 | 2838891 azengrcat
azengrcat's picture

"Bernanke gonna pay my mortgage!!!"  -Wells Fargo Leech 

Fri, 09/28/2012 - 11:51 | 2839117 calgal
calgal's picture

LMAO!

Fri, 09/28/2012 - 11:02 | 2838896 RobinHood73
RobinHood73's picture

The Federal Reserve is the Bloodbank for the  Blood Sucking Vampire Squid. They provide they blood for said Squid to feed on that the the citizen is refusing to give right now. Said citizen has stayed locked in his house since the last epic bloodbath and doesnt come outside anymore as he is suitably aware that there is a good likelihood that his blood will be providing the next meal if he does venture outside

Fri, 09/28/2012 - 13:09 | 2839368 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Love the vivid imagery; +100

Fri, 09/28/2012 - 11:03 | 2838902 luckylongshot
luckylongshot's picture

The parasite has done so much damage to the dog that now even energy shots don't work.....but getting rid of the parasite and returning the power to issue money to the people could still save the dog.

Fri, 09/28/2012 - 12:10 | 2839182 pods
pods's picture

You got to think like a bankster:

The pound is full of dogs.

And more are born each minute.

pods

Fri, 09/28/2012 - 11:04 | 2838903 Cursive
Cursive's picture

BERNANKE:  GIVE IT SOME TIME

BERNANKE:  QE3 NEEDS TIME TO TRICKLE DOWN

BERNANKE:  RECORD WIDE WHLSE-TO-RETAIL MTG RATES WILL COLLAPSE SOMEDAY

BERNANKE:  I WEAR DEPENDS REGULARLY NOW BECAUSE MY SCPHINCTER IS ALWAYS PUCKERING

Fri, 09/28/2012 - 11:04 | 2838907 Grand Supercycle
Grand Supercycle's picture

IMPENDING SELL OFF ......

Longs please be careful.

Due to recent central bank intervention and short covering spikes, these daily charts are extremely overextended and significant correction expected very soon:

SPX, DOW, NASDAQ, NZDUSD, GBPUSD, AUDUSD, COPPER, CRUDE, GOLD, SILVER. [USD strength will return]

http://www.zerohedge.com/news/2012-12-24/market-analysis

http://trader618.com

Fri, 09/28/2012 - 11:04 | 2838908 howenlink
howenlink's picture

MBS “investors” do absolutely nothing for this country whatsoever.  Hoarding MBS instead of investing in bonds and equities demonstrates a sick narcissism and complete disregard for building the economy. Real investors actually help people by investing in blue chip companies employing thousands of Americans, or buying US treasuries and enabling the government to do its job. What do MBS investors do to help the economy? Absolutely nothing. Unlike real investors MBS hoarders are purely in it for themselves, and serve no purpose to society whatsoever.

Fri, 09/28/2012 - 11:07 | 2838931 LULZBank
LULZBank's picture

Hence they should be saved.

Fri, 09/28/2012 - 11:13 | 2838956 Cursive
Cursive's picture

@howenlink

Chris Whalen said when QE-x was announced, the offices of a mortgage broker in his building erupted in celebration and began yelling, "QE3!" 

Fri, 09/28/2012 - 13:25 | 2839410 TheCanadianAustrian
TheCanadianAustrian's picture

Just so everyone knows, howenlink copied and pasted a recent post by MDB and changed "Gold" to "MBS". He's being parodic.

Fri, 09/28/2012 - 11:05 | 2838914 fuu
fuu's picture

Aaaaaaaaaand they're off...it's 'Bearded Ben', 'Tiny Timmah', and 'The Sach' in the lead followed by 'Broken Dreams', 'Smoking Ruin', and 'Heckovajob' with 'Downward Spiral', 'Hope Anna Prayer', and 'The Middle Class' bringing up the rear.

Fri, 09/28/2012 - 11:06 | 2838918 Snakeeyes
Snakeeyes's picture

Seriously, WHY would anyone expect jobs recovery (except Mark Zandi) from agency MBS purchases??????????????/

http://confoundedinterest.wordpress.com/2012/09/28/this-is-a-recovery-manufacturing-shrinks-to-lowest-level-since-oct-2009/

Fri, 09/28/2012 - 11:08 | 2838937 Dr. Engali
Dr. Engali's picture

Nobody seriously expects a job recovery. I don't think Zandi believes his bullshit. He has a product to sell and he has to have a story to sell it. He just hopes people overlook the fact that he has been consistantly wrong.

Fri, 09/28/2012 - 11:16 | 2838974 Village Smithy
Village Smithy's picture

I see what you're saying Dr. but at some point doesn't promoting something when you don't believe it yourself, (and have probably positioned your own assets accordingly) turn you into a lying sack of it?

Fri, 09/28/2012 - 11:24 | 2839002 Dr. Engali
Dr. Engali's picture

The American people have the attention span of a fly. They aren't going to remember, and the press certainly never holds anybody accountable......I will hold up TOTUS as my example.

Fri, 09/28/2012 - 11:26 | 2839017 LawsofPhysics
LawsofPhysics's picture

"The American people have the attention span of a fly."

----------------------------------------------------

Will change when the power goes off on a more permenant basis.  Have faith that thing that cannot be sustained, won't be sustained.

Fri, 09/28/2012 - 11:05 | 2838919 Rainman
Rainman's picture

I must remember to send Gross a nice Xmas card this year.....sweeeet call. 

Fri, 09/28/2012 - 11:06 | 2838925 Kaiser Sousa
Kaiser Sousa's picture

Buy Silver and Gold....

withdraw from the paradigm....

it is the only way to defeat them.....

DEATH TO ALL BANKERS AND THEIR BITCH OWNED POLITICIANS...


Fri, 09/28/2012 - 11:13 | 2838930 shanearthur
shanearthur's picture

I have a question about the title of this piece.

Fed Buys #20 Billion

I don't know what FHLMC, FNMA, GNMA, GNMA2 stand for, but it's my assumption that the fed didn't buy $20 billion of MBS, they SOLD $20 billion worth of MBS (that they already owned) to the government, i.e, us. Am I wrong here? If I'm not, see how insidious calling 12 private banks the Federal Reserve is? It poisons the language that even the most informed use to talk about this issue.

Fri, 09/28/2012 - 11:12 | 2838938 Quinvarius
Quinvarius's picture

They will be buying 20 billion a week if they are doing 80 billion a month.  Don't fight it.  Don't try to be contrary.  Making money is easy.  If you are trying, you are doing it wrong.  The macro could only be improved by the existance of a real economy, but that is a minimal concern.  And no, that was not a joke. 

Fri, 09/28/2012 - 11:11 | 2838947 q99x2
q99x2's picture

A number of new gold and diamond dog collars recently sold and the coke seems a heck of a lot better.

Fri, 09/28/2012 - 11:12 | 2838953 LarryDavis
LarryDavis's picture

I think this could help sherrifs as they will have to serve eviction notices. Looks like policing could be the new finance job.

Fri, 09/28/2012 - 11:13 | 2838957 aztec two step
aztec two step's picture

monetary policy operates with a long and variable lead time, or so a Professor taught me in the late triumphant 1960s

Fri, 09/28/2012 - 11:13 | 2838959 ArrestBobRubin
ArrestBobRubin's picture

This "money" wil be recycled by the "banks" to buy US "bonds" in order to keep the Dead Thing walking.

It's the Circle Jerk from Hell, administered by Satan's spawn.

Fri, 09/28/2012 - 11:16 | 2838970 Jason T
Jason T's picture

Banker Bonuses Save?  Few billion?

Fri, 09/28/2012 - 11:16 | 2838971 divedivedive
divedivedive's picture

Actually that chart (and the text of the post) is a little misleading. If you visit the NY Fed's site they have an 'archive' link under the chart. Looks like the Fed has been buying 5-8 billion of these things every week (I only went back a few months). Looks like they bumped the first 10 billion week of Sept 13-19th. Maybe that's the plan, $40 billion / 4 weeks per month = $10 billion per week.

Fri, 09/28/2012 - 13:26 | 2838972 torak
torak's picture

Hell if they want to throw money at something, why don't they throw money at a Federal infrastructure repair project?

Ah, wait a minute.  That would actually create jobs, increase the velocity of the money supply, and stoke inflation!  Hummm?  So the Fed really doesn't want to create jobs, yeah?

WTF do I know?  I don't have a PhD in Eco-freaking-nomics. 

 

Fri, 09/28/2012 - 11:18 | 2838980 Sutton
Sutton's picture

Make QE like the Super Bowl.  Roman numerals- QEV, QEX,QEL, QEC etc.  An annual  Winter gathering in mostly warm weather locales.  Parties. Girls.  Million dollar 30 second commercials.

Fri, 09/28/2012 - 11:18 | 2838982 Snakeeyes
Snakeeyes's picture

It seems that the Fannie current coupon already priced it in. Very small reaction to today's MBS purchase by the Fed.

http://confoundedinterest.wordpress.com/2012/09/28/this-is-a-recovery-manufacturing-shrinks-to-lowest-level-since-oct-2009/

Fri, 09/28/2012 - 11:19 | 2838986 wagthetails
wagthetails's picture

oh please, we all know how this will go.  When they finally call and offical recession, the market will jump as it will assumed to be a rear view mirror reading...so by the time is it called...we should be well be on our way to an uptend. 

 

Fri, 09/28/2012 - 11:20 | 2838990 franzpick
franzpick's picture

Just as "ForEver Stamps" have done for the USPS, so will "ForEver Bonds" do for Bennie's printathon.

Fri, 09/28/2012 - 11:27 | 2838997 khakuda
khakuda's picture

Can I point out the insanity of the fact that as a country we have delegated the responsibility to control interest rates and print money to a handful of academics with just about no real world experience.  We trust these people to be smarter than the markets overall and have NO checks and balances on arguably the most important branch of government.

The Founding Fathers never would have allowed the Fed to operate without checks and balances.  Seriously, WTF are we thinking?

Fri, 09/28/2012 - 11:32 | 2839046 ArrestBobRubin
ArrestBobRubin's picture

"Academics"?

Where?

Fri, 09/28/2012 - 13:17 | 2839389 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Branch of government, or privately owned cabal?

Sat, 09/29/2012 - 03:47 | 2841208 torak
torak's picture

Seriously, WTF are we thinking?

"We?"

Fri, 09/28/2012 - 11:40 | 2839068 bnbdnb
bnbdnb's picture

So what time was the money print? 10am? 9am?

Fri, 09/28/2012 - 11:56 | 2839083 Anasteus
Anasteus's picture

Benny should write a new dissertation work "How I Screwed Up the World Economy". It might certainly be considered subject to Nobel prize awarding to join his fellow economist Paul Krugman.

The work when published would no doubt become bestseller No. 1 earning enough money to comfortably pay out the family house hypothec.

Fri, 09/28/2012 - 11:49 | 2839108 helping_friendl...
helping_friendly_book's picture

Wait Tyler!

QEternity has saved the jobs of countless illegal, Spanish speaking, immigrants from South of the border who have been the gardeners and construction workers for the Hamptons and Greenwich Conn. crowd.

You know!!!! All those jobs American citizens won't do!?!

They have also saved a million jobs at FoxConn because without massive QE their would be no possibility to finance that iphone with your credit card or student loan.

We need to thank Shalom for making Spanish the official language in the construction and landscaping industries.

MS-13 will be sending special representatives throughout the nation to open new francises to soak up all the gravy being created by the FRBNY.

All thanks to Bernanke!!!!

Fri, 09/28/2012 - 11:53 | 2839126 Seasmoke
Seasmoke's picture

does buying all these MBS , mean that Bernanke is the only one who can foreclose on houses or can he get linda green to robosign for him ?

Fri, 09/28/2012 - 12:20 | 2839246 NewWorldOrange
NewWorldOrange's picture

"Fed Buys $20 Billion In QE3 Mortgages; Jobs Created: Zero"

Jobs destroyed? Plenty. Probably about $20 billion divided by the median income = about 385,000 (less a few accounting jobs at Fannie Mae and Freddie Mac.)

Incidentally, adjusted for inflation, median income in the U.S. is now below levels in the (first) Great Depression.

http://washington.cbslocal.com/2012/09/18/report-median-income-worse-now...

Fri, 09/28/2012 - 12:33 | 2839290 ZeroAvatar
ZeroAvatar's picture

We need to thank Shalom for making Spanish the official language in the construction and landscaping industries.

 

Are you kidding me?  I purchased some coffee in the can the other day and the MAIN language was Spanish. 

 

In other words, the illegal immigrants are numero-uno now in Merka.   Fuhgedaboud those stupid taxpayers.

Fri, 09/28/2012 - 15:05 | 2839769 unununium
unununium's picture

Fed just released transaction-level data for outright purchases through September 30, 2010. 

http://www.newyorkfed.org/markets/omo_transaction_data.html

People are not paying their mortgages, but the Fed paid well OVER PAR for all of this crap.  Where is the outrage?

Fri, 09/28/2012 - 18:52 | 2840373 tony bonn
tony bonn's picture

bonuses created: 1800

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