This page has been archived and commenting is disabled.

Another Ex-Fed Governor Admits "Only So Much Fed Can Do"

Tyler Durden's picture




 

It seems the ability to admit defeat a lack of omnipotence comes with retirement from the Fed. The volume of truthiness from ex-Fed governors is growing and Mark Olson just provided a very succinct summary of why he believes not only is the most recent jobs number not a surprise to the Fed, but the market has already priced in what the Fed could do. Olson sees the odds of QE3 as 50-50 at best, believes changes in the employment picture are rounding errors and not driving Fed decisions on a tick by tick basis, and most critically he notes that "the Fed doesn't want to get into a position of is having to react because of the market anticipation." No matter how much political pressure, the need to keep that QE powder dry for when the stuff really hits the fan seems more prescient and Olson provides color on the limits of Central Bankers as he notes the effect of Fed actions as "the only possible impact it would have would be psychological," and that "they've provided all the stimulus you can do with monetary policy in the absence of anything happening with a better fiscal policy."

Olson begins at 3:20...

 

It seems increasingly clear that the Fed is cornered and will have to disappoint the market in order to maintain any sense of omnipotence going forward - especially given Olson's view on the jobs data and the limits of monetary policy.

 

Full Transcript:

Mark Olson is a former fed governor. welcome to halftime. pleased to be here.

Is the Fed going to do something this week?

I would put it at no better than 50/50 for a couple of reasons; number one, to do anything on a qe-3 would take something like half a trillion dollars worth of investment; also i don't think that the employment number or the unemployment number surprised the Fed at all - that's consistent with what's happening in the economy generally.

What the Fed doesn't want to get into a position of is having to react because of the market anticipation.

On the apparently dismal jobs data as a driver for QE:

As I said, I don't think that number would have been a surprise. Also you have to remember that somewhere between 3.5 and 4 million people leave a job and start a job every month - the difference between the 95 and 130,000 is essentially a rounding error - nothing in that number surprised the Fed.

If the Fed does act, what does the stock market do?

That's your call. i think that's -- the problem is that the market may already have priced in what the fed might do, and that's some place that the Fed does not like to be. They don't like to have to respond because the market moved. The Fed doesn't look at the market move, they look at the underlying economy - a very fundamental difference.

What do you think would be the most effective thing the fed could do. now, you mentioned -- just for the backdrop you mentioned given such a huge, huge qe-3 is probably out of the question. would it be something like not paying banks anything for holding their excess deposits, foring them to lend to get some return on capital or where would they go?

I think that's one of the three options that would make some sense; but i think what else might happen is just a reassurance that in spite of all of the incentives they've put into the marketplace, all of the assistance that they've put into the market, inflationary pressures are still muted. To me that would be the most important thing that they can say and that they would continue to look at other options that they may have to invoke in the future.

You think Fed action would be effective at this point, sir?

Not in terms of its impact on the economy. The only possible impact it would have would be psychological. I don't discount that as having value.

Why would they need to do anything, then, if that's the case?

They really don't, I don't think. I don't think in terms of the underlying impact on the economy, you're now pushing on a string. They've provided all the stimulus you can do with monetary policy in the absence of anything happening with a better fiscal policy.

Mr. Olson, does it not become a problem unwinding this? i heard your number of 500 billion. you threw out a number a couple of months ago of maybe a trillion. doesn't the problem now become it used to be a win/win for the fed. Isn't it now a problem of unwinding if they do do something

There's additional risk to do that. There's no question that will provide additional risk. i think that's one of the other reasons why i think it might not happen. the other thing you have to keep in mind, chairman bernanke will not want a split vote on this next issue. he'll come out of the meetings this week with a consensus one way or the other. i doubt very much he gets a consensus on an aggressive qe-3.

Bernanke thinks he has more fire power. He's clearly made that argument on multiple occasions. are you doubting whether that's true or not?

It's more fire power, but remember he always caveats it with saying that there's only so much you can do with monetary policy. The caveat always is that it only goes so far in the absence of a clear fiscal policy which we're not getting.

Can the fed help the job market?

The fed can help the job market, i think, significantly by the manner in which it just sort of maintains the underlying economy and keeps its eye on inflationary pressure. ... the job number cannot be a function solely of monetary policy.

 

There's only so much monetary policy can provide. What monetary policy can provide, it has largely done; and the economy is still very soft. What they can possibly do is to do a further rearrangement, perhaps, of the existing portfolio to push longer-term rates out even lower, although they are pretty low right now. But there's only so much you can expect from monetary policy.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 09/10/2012 - 13:53 | 2779090 Al Huxley
Al Huxley's picture

'We've been sodomizing the American people for going on 100 years now, there's a limit to what we're capable of, you know...'  - but maybe I'm misinterpreting what he's saying, I don't know.

Mon, 09/10/2012 - 13:58 | 2779115 Abraxas
Abraxas's picture

No, I believe you read it right. Next year it's the centennial anniversary. Perhaps they are preparing a big surprise party for us.

Mon, 09/10/2012 - 13:59 | 2779123 Precious
Precious's picture

Bernanke stars as Poppa Smurf with special guest Anna Nicole Smith.

Mon, 09/10/2012 - 14:54 | 2779338 Clashfan
Clashfan's picture

Keep bending over. Don't say anything, or we will deny lube.

Check out the next (maybe?) MO governor. He worked for a bank. His bank got a 40 million dollar bailout. Instead of paying it back, the top administrators of the bank all got huge loans.

http://dailybail.com/home/meet-dave-spence-the-missouri-candidate-for-go...

Mon, 09/10/2012 - 13:53 | 2779092 Cognitive Dissonance
Cognitive Dissonance's picture

Death bed confessions wait until there is nothing left to lose.

Mon, 09/10/2012 - 13:54 | 2779098 spekulatn
spekulatn's picture

B-U-L-L-I-S-H!!

 

sarc/off

Mon, 09/10/2012 - 14:01 | 2779111 fonzannoon
fonzannoon's picture

This site has been bangin the QE drum all year. In the spring there was article after article that the Banks were throwing tantrums to get the fed to act. Nothing happened. Then the buildup on here started again before Jackson hole. Now, right as everyone and their mother seems to think it is guaranteed this week, ZH not only is banging the drum that it won't happen, but more importantly it has been illustrating that the fed actually can't do it.

If the argument is the fed does not have the capacity to do QE anymore, then why so many articles all year about how it was inevitable, only to state the opposite now?

Mon, 09/10/2012 - 14:02 | 2779148 drivenZ
drivenZ's picture

Because they need to push the "Bernanke is the devil" agenda. And the sheep on ZH all fall right in line because they don't think for themselves, they take ZH as gospel. The site is a great resource but you need to **read** every article critically, which most people don't do, unfortunately.  

 

**read** -like actually read and then check sources before forming an opinion.  

Mon, 09/10/2012 - 14:05 | 2779165 fonzannoon
fonzannoon's picture

So did I just think for myself? YAY (jumping up and down and clapping hands)

Mon, 09/10/2012 - 14:22 | 2779221 drivenZ
drivenZ's picture

compared to the normal 10-20 posts just saying "BitCHez" or some form of "f*ck Bernanke" or some rambling threatening diatribe about how "the end is near and Banksters ruined everything"....yes, you're atleast in the top 1% of all commentors. The site would be much better with more dissenting opinions.

 

 

Mon, 09/10/2012 - 14:27 | 2779242 fonzannoon
fonzannoon's picture

You are correct that anyone who follows anyone else blindly and does not ask questions is going to be worse off for it. Like I said, I can see ZH taking the contrarian position that QE will not happen. But to build this big point that it functionally cannot happen flies in the face of a lot of what they said all year. I am surprised that more people have not noticed it.

Mon, 09/10/2012 - 14:42 | 2779297 ParkAveFlasher
ParkAveFlasher's picture

How does anyone know that QE isn't happening right now?  Accurate information is now only streamed to the public on a revisionary basis i.e. when the public can do nothing about it to protect itself.

Mon, 09/10/2012 - 14:47 | 2779318 fonzannoon
fonzannoon's picture

it very well might be. my point is zh is saying it's not possible. after saying it was inevitable. that was my only point. 

Tue, 09/11/2012 - 01:46 | 2780871 StychoKiller
StychoKiller's picture

"The Creature From Jekyll Island, a Second Look at the Federal System", 5th Ed., G. Edward Griffin, ISBN:  978-0-912986-45-6

Explains why the Fed printz...

Mon, 09/10/2012 - 15:17 | 2779426 banksterhater
banksterhater's picture

It's happening through currency swaps to the EU and back, the Criminal Fed makes it hard to follow.

Mon, 09/10/2012 - 15:07 | 2779391 earleflorida
earleflorida's picture

Brilliant! jest absolut`tilly brilliant I mus say:

So, now instead of Hilsenrath at the "clarion call' of the fed... it's now Olson with the wrestle 'fedmania' podium, calling the balls and strikes? Justice be done ole wise 'fonz', as Olson's  'rounding error' is a mere canard on a 'hot-tin-fairy-tale precipice'... a story juxtaposed upon the ~45ml foodstamp recipients and the ~14% real unemployment that's wrapped with counterfeit-fiat TP!

McDonald's and Burger King must be 'flippity-floppin' more temp's than 'slime burger's', and you... who reads outside the lines...

:-((  

Ps. gotta hand it to CNBC, obviously your source of unabridged grandiose cherry-picking timely truthsaying... ole wise one?

Mon, 09/10/2012 - 15:09 | 2779396 reload
reload's picture

QE or - not yet QE...IS the biggest `risk on - risk off` driver. So it gets a lot of coverage, understandably. What I am wondering is, what if BB is planning to stand pat for now (for all the well versed arguments, including political imartiality) and the markets get a BIG shock on Wednesday with news of constitutional discord between Germany and the ECB and ZH is adorned with the beloved deer in the headlights image - will he change his mind at the last minute and announce something other than `continued swap line facilities`?

Mon, 09/10/2012 - 14:37 | 2779285 Quinvarius
Quinvarius's picture

LOL.  QE has accelerated.  Stop waiting for the announcement.  You think JPM lost 7 billion dollars on 40 to 1 leverage and didn't get a bailout?  I can see the actual spike on the money supply charts where the Fed overpaid JPM for some garbage or other to balance out the whale trade losses.

Mon, 09/10/2012 - 17:32 | 2779902 drivenZ
drivenZ's picture

Yes, that's what i think. seeing as they have quarterly revenues of $20-25B and doing 4-$5B in profits a quarter, no i would not expect a company to need a bailout over that size loss. 

Mon, 09/10/2012 - 13:59 | 2779122 q99x2
q99x2's picture

Only so much the FED can do to destroy the US economy, move trillions from the middle class to banksters and arm the DHS before being arrested and thrown into prison M'fers.

Mon, 09/10/2012 - 14:04 | 2779125 buzzsaw99
buzzsaw99's picture

The Fed doesn't look at the market move, they look at the underlying economy...

 

LIKE HELL THEY DON'T/DO!! lying cork soakers, bastidges, sum na bitchez!

http://www.youtube.com/watch?v=yhde3DSFW-A

Mon, 09/10/2012 - 14:01 | 2779132 resurger
resurger's picture

The impact on gold, gas, oil, & silver will be "psychological."

Mon, 09/10/2012 - 14:02 | 2779147 slaughterer
slaughterer's picture

+1750

Mon, 09/10/2012 - 14:01 | 2779141 Victorio
Victorio's picture

Ten years ago did you ever think you'd be betting on the market going up when everything is going to shit just because the CB's hit ctrl+p? 100% chance short term gain, long term ultra-fail.

Mon, 09/10/2012 - 14:02 | 2779145 Thought criminal
Thought criminal's picture

I really don't see how FED can do another round of QE when they didn't do it last september under much worse conditions. The crucial question now is what will drop most if there's no QE announced - whether it will be the commodities again or the insanely bloated equity market this time.

Mon, 09/10/2012 - 14:02 | 2779146 Dr. Richard Head
Dr. Richard Head's picture

"We can only steal with abandon while handing it to our bestest friends until even the most sleepy of sheep starts to ask what the fuck we are doing. We are nearing that point. I believe it is about $650 Billion left to go. After that, I would expect Molotov cocktails to begin hitting the Eccles."

Mon, 09/10/2012 - 14:03 | 2779152 Dr. No
Dr. No's picture

Translation:  The FED will do whats in its best interest and shun criticism to Congress when those best interests counter what is being published by MSM.

Mon, 09/10/2012 - 18:21 | 2780029 Assetman
Assetman's picture

You are EXACTLY on point, sir!

It also doesn't matter a rats-a$$ if an ex-Fed governor agrees with the Delusional Doctor Bernanke or not.  The Fed will do what is in their best interests-- and that runs parallel to the interests of the primary dealers they serve.

Whether the thinking is right or wrong, the Fed has given Congress a free pass over the past 3 years by essenitally financing an ever higher budget deficit at ever lower rates.  That cannot-- and likely will not-- last forever.

At some point in time, the interests of the primary dealers will conflict with the interests of those "serving" in Washington DC.  Thats when the SHTF.

I wouldn't be surprised, though, that the Delusional Doctor doesn't do more QE in the near term-- as he continually is led by the misguided belief that he can actually make a real dent in the unemployment picture-- which is at least partially structurally driven.  Despite all the evidence to the contrary, Bernanke believes the unemployment picture is primarily cyclical.

And as long as the next QE move doesn't put a major dent in the banks (please by all my worthless MBS before the real collapse), all is good.

Mon, 09/10/2012 - 14:07 | 2779157 Dr. Engali
Dr. Engali's picture

50/50 I think they may or may not equally....now that's going out on a limb

Mon, 09/10/2012 - 14:23 | 2779230 centerline
centerline's picture

Yeah.  I pretty much started to skim the rest of the article after that.  Just the usually smoke screen.

Mon, 09/10/2012 - 14:04 | 2779158 mademesmile
mademesmile's picture

Rounding errors.

Hahhhhhahahahahahahahahahahhhahahah breath hahahahahahahahahahahahahahahahahahah

I guess the consistant downward revisions are are rounding errors as well

 

Mon, 09/10/2012 - 14:08 | 2779172 slaughterer
slaughterer's picture

Last week's NFP will probably be adjusted upward.  On a non-seasonally adjusted basis employment actualy rose by 252K.  Wall Street knows this but is keeping hush about it: what is taking place last week and this week is a gigantic bull trap.  

Mon, 09/10/2012 - 15:15 | 2779416 banksterhater
banksterhater's picture

WRONG. The Household was down over 100K, those liars selling used electronics on Ebay and saying they've had a job for 4 years are finally capitulating to their deceit. Only 10% of new jobs come from Fortune 500 global corporate traitors.

Mon, 09/10/2012 - 14:11 | 2779160 Sandy15
Sandy15's picture

It sickens me to watch Declining volumes down to 10 milliion on the day but watch the futures move upward or barely sell off.  The Bernack will not allow this market to pull back at all.  Pull backs in the market are healthy, it allows investors to step in to buy.  However any tiny pull back the NYFed jumps in to pump and pump.  They are the 50% that is still there.  They trade from one account to another.  Check out their records on line, they're called:

  • Maiden Lane LLC

  • Maiden Lane II LLC

  • Maiden Lane III LLC

  • TALF LLC

Technicals have not worked since March 2009........ Abolish the Fed.  Can I copy my money to pay my bills too?  It's the same thing.....

If the Fed does more QE, I will start coping my money to pay my bills too..........it may cause me to go to jail, but then I can get paid to be on TV for interviews, I can get book deals and maybe even a movie deal out of it........ however I would demand to be paid in gold.

 

Mon, 09/10/2012 - 15:12 | 2779407 banksterhater
banksterhater's picture

coping or copulating your money? Surely you mean something else

Mon, 09/10/2012 - 14:05 | 2779162 Shizzmoney
Shizzmoney's picture

"I can thank the Fed for making rentiership a vital source of our yearly profits."

- Jaime Dimon

Mon, 09/10/2012 - 14:05 | 2779163 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

No QE on Thursday, bad politics. The Hilsenrath article on weekend was published under another name, H. was only a contributor. It's like a black cat in the mirror, a ripple in the Matrix.

There is mounting resistance against kicking the can and letting politicians hide with their heads up their arses.A mounting chorus of well thought out argumentation, circling closer and closer around the FED's inner sanctum, on the diminishing returns of the act. Of course B. would not state this clearly in Jackson, it would have broken the lie. They need to let the lie cool off and wait until another crisis, which of course is waiting on the horizon. There will be QE, but not now.

B. puts the pin back in the grenade.

Mon, 09/10/2012 - 14:05 | 2779166 Landotfree
Landotfree's picture

The only thing the Fed can do is attempt to convince the lemmings that the system is sustainable, thereby extending the day of doom a little longer.  Not much the Fed can do to ultimately stop the collapse as the Fed would need unlimited power to do so.  Since the source of unlimited power hasn't been found let alone captured by Humans, the Fed can't do anything really in the big scheme of things.  

You are in the very beginning, the collapse has barely started.

Mon, 09/10/2012 - 14:11 | 2779185 kito
kito's picture

and the fed continues its save the dollar campaign..........the ship goes down one way or the other, and ben isnt bringing the dollar with it...........................the fed continues to throw out those psyop terms like "fiscal".........ben must make sure the public believes its all on congress......................................

Mon, 09/10/2012 - 14:18 | 2779203 Deep79
Deep79's picture

All this talk of hyperinflation on this site is amazing. I agree 100%, no way they let US dollar collpase, they aint stupid.

It will shock people how high the dollar is gonna go.

I have been sayihng for over a year now, you think TPTB will allow a currency collappse, they lose everything just like the rest of us poor slobs.

We get a 50-80% correcion, they still rich, ya so what, a guy worth 200 million is now worth maybe 150 million, but now everything is 50-80% cheaper. 

It then starts all over agian this sick game.

Mon, 09/10/2012 - 14:33 | 2779264 Quinvarius
Quinvarius's picture

Actually they don't have a choice.  They think you are stupid for letting them print endless amounts of money only because they didn't call it QE.  And pretty much anyone who is a deflation theory conspiracist is as stupid as the Fed thinks they are. 

Mon, 09/10/2012 - 14:39 | 2779289 Deep79
Deep79's picture

A hyperinflationist is just as stupid if not more.

We have had MASSIVE inflation for last 30 years, look around you idiot.

EVERYTHING has gone up 1000% or more 

It was just very well hidden.

 

Mon, 09/10/2012 - 14:43 | 2779305 Quinvarius
Quinvarius's picture

I am an idiot for being right?

Mon, 09/10/2012 - 14:53 | 2779334 kito
kito's picture

break it up children....break it up.....nobody is right........yet.............however, the only way hyperinflation happens is if the federal government gags and ties the fed, and throws it in the river with cement shoes............

Mon, 09/10/2012 - 15:18 | 2779432 spentCartridge
spentCartridge's picture

Bag of snakes & a river anyone?

Mon, 09/10/2012 - 14:48 | 2779324 Bay of Pigs
Bay of Pigs's picture

"It will shock people how high the dollar is gonna go"

So, the DXY clings to 80 yet again? Down from 120 ten years ago. Gold from 250 to 1730 today, and silver 4 to 33. Real assets holding their value.

The USD is very weak. It isn't going higher in real terms. It's losing purchasing power all the time. It's called inflation.

 

Mon, 09/10/2012 - 16:04 | 2779380 kito
kito's picture

@ bay----there arent many who disagree with your point...but we are talking about hyperinflation---destruction of the dollar as a result of reflexive printing due to heavy deflationary/delveraging headwinds.............inflation, the expansion of the money supply and resulting price increases, has worked for the monetary puppeteers for the past 40 years......they have been able to gorge themselves at the expense of the populace........that is over now........and they recognize it.....and they arent going to take out their food supply........better for them that the implosion doesnt involve the dollar...............................hence bernankes campaign for fiscal responsibility.................

Mon, 09/10/2012 - 16:45 | 2779781 AT
AT's picture

I love people like you. Keeps the gold cheap while I stack more!

Mon, 09/10/2012 - 14:34 | 2779271 Bay of Pigs
Bay of Pigs's picture

All these fuckers do is lie through their teeth all day long...

"hey, look over here!"

Mon, 09/10/2012 - 15:08 | 2779395 banksterhater
banksterhater's picture

These Fed Fuckers should be BANNED FROM TALKING! Hoenig spouted off for years and THIS FUCKER NEVER HEARD IT. All are lieing sacks of shit.

Mon, 09/10/2012 - 14:13 | 2779193 lemonobrien
lemonobrien's picture

it's all a pump & dump to keep the markets from crashing before the election; they's not gonna QE. sound and fury signifying nothing.

Mon, 09/10/2012 - 14:15 | 2779197 marcusfenix
marcusfenix's picture

"a better fiscal policy"

I wouldn't hold my breath on that one if I were you...

Mon, 09/10/2012 - 14:23 | 2779220 sbenard
sbenard's picture

Why doesn't Bubbles Bernanke ever listen to THESE people? At least one reason I can think of is HUBRIS!

Mon, 09/10/2012 - 14:23 | 2779225 Robslob
Robslob's picture

All that has happened here with the "old guys" bashing Fed policy is as simple as this:
1. They didn't steal enough fiat when they were actually in power
2. Previously stolen fiat is becoming rapid worthless and not keeping pace with what "they" thought was "ok" inflation.
3. They cannot support future generations of liars and stealers otherwise known as their offspring.
4. The new liars and stealers are better than they were

In the end it's Fed eat Fed and none of them have ever had a clue about what "capital" really is...

Mon, 09/10/2012 - 14:25 | 2779234 philosophers bone
philosophers bone's picture

"What the Fed doesn't want to get in the position of is having to react because of the market anticipation."

LOL!  Create the expectation by stating that you'll take action and then take no action due to the expectations which you created!!!

Mon, 09/10/2012 - 14:29 | 2779246 Quinvarius
Quinvarius's picture

Translation:  We give banks all the money they need to operate and the rest of you will have to get a fkn job.  After 100 years of operating without regard to the economy, the Fed is not about to start now.  The Fed is by the banks and for the banks...PERIOD.  You will get announced QE when giving zero percent loans to banks is not enough.

Mon, 09/10/2012 - 14:36 | 2779279 Dapper Dan
Dapper Dan's picture

The baubles will save us and we won't need QE!

 

Sales of the iPhone 5 could add between 1/4 and 1/2 of a percentage point to 4th quarter annualized GDP growth, says J.P. Morgan

Story metadata:
Mon, 09/10/2012 - 14:41 | 2779296 Mark123
Mark123's picture

What a pathetic apologist this guy is....full of platitudes.  He should have been put in charge of briefings for Desert Storm.

 

That said...of course there will be more support from the Fed - the US govt is running about $100 billion/month deficit.  The rest of the world can buy about $30B per month at best.  If the Fed stops there would be a collapse in the bond market of the "reserve currency".....aint gonna happen folks. 

 

Sadly, the only way out of the financial mess (for the entire world) is war (for the entire world)....and then rebuilding of the system.  How could we let it come to this?

Mon, 09/10/2012 - 14:43 | 2779303 loveyajimbo
loveyajimbo's picture

This clown sounds like a royal dumb shit... how did he lose his job with that qualification??  Sure, inflation is "muted" since they removed any category that might actually show inflation like food and energy... does this fat slob really believe the bullshit he spouts?  Are they all on some righteous red-haired chronic (medical, of course)??  Maybe Shalom bernank should helocopter some bud instead of the worthless cash??

Mon, 09/10/2012 - 15:02 | 2779364 Piranhanoia
Piranhanoia's picture

When we have a constitutional amendment requiring truth to be law, requires capital punishment for 1st violation,

wake me up. 

Mon, 09/10/2012 - 15:02 | 2779367 DavosSherman
DavosSherman's picture

Actually, the Fed COULD fix the economy---by closing shop for ever.

Mon, 09/10/2012 - 15:05 | 2779371 banksterhater
banksterhater's picture

HOW ABOUT THIS QUESTION, MEDIA ASSHOLES!?

" Isn't it true the Fed has GUTTED A GENERATION OF SAVERS, put 1-2 million more seniors into poverty in 4 years, caused more seniors to DIE, not buying medications... to REWARD BANKSTER'S SPECULATION IN COMMODITIES, again, punishing the masses?"

Mon, 09/10/2012 - 15:10 | 2779401 dcb
dcb's picture

everytthing down, crude up>

huh?

Mon, 09/10/2012 - 15:20 | 2779430 Ungaro
Ungaro's picture

The Fed's biggest problem today is not of liquidity but of credibility. What can Bernanrath Hilsanke do to fix this? Announce that there will be no QE, certainly not this year and maybe not until the fiscal problems are addressed by that other clown car we call CONgress.

In an unguarded moment of clarity he might also add that the ZIRP-like sucking sound you hear is the Fed's old policy of draining the wealth of our nation, which can end without any notice following the first week of November.

Then, with a sudden jolt, I woke up.

Do NOT follow this link or you will be banned from the site!