The Fed botoxed Mr. Market today, the poor man sagging earlier, tired from sprinting from last week's realization the world only appears to be ending. The world lives for one more day, at least, but it was not a good one for Ed Liddy. Tomorrow's newspapers may carry pictures of him skewered on a pitchfork. Or, similar to Woltz, he may wake with a bloody CDS prospectus in his bed. Today, like all days, I woke without access to tomorrow's newspaper, the surest path to wealth. But I do have constant updates to the Journal. If only this author were half as witty as the eponymous contributors to WSJ's Real Time Economics:
Even today’s announcement that the Federal Reserve plans on purchasing
everything in America that isn’t nailed down raised relatively few
eyebrows on our end
–Guy LeBas, Janney Montgomery Scott
The Fed has decided to be the central bank that swallowed the Bank of England’s canary!
-RDQ Economics
With classic understatement comes:
At the least, no one can say that the Fed isn’t trying.
-Paul Dales, Capital Economics
Sleep well, Mr. Liddy. This, too, shall pass.