The Next Shoe Drops ~ The Fed launches QE2, departure at 2:15pm ET

Update : FOMC announces $600B targeted toward the ‘long end’ 5-6 yrs, if they do it all yr + the reinvestment of previous purchases per NYFRB they should hit 1 Trillion.

ElErian says it will backfire and lead to QE3, PIMCO seems pixxed.

Update 11:15am ET: Gold is getting absolutely hammered. Down $25 to $1331.70. Appears the street thinks the Fed will pull its punch and disappoint. You know what I say? Good time to buy!

Were I the Fed I would move big now before Rand Paul takes my money printing machine away. Of course I think we should end the Fed at this point, they are propping up TBTF balance sheets and killing the middle class.

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QE2 is expected to depart the Federal Reserve steaming toward the TBTF balance sheets at a clip of $500B and further purchase announcements ‘as needed’ at 2:15 pm ET!

All Aboard for falling US Dollar and rising commodities!

I for one cannot WAIT for Ben Bernanke to face the righteous wrath of Senator Rand Paul on this monetizing and taking on worthless paper to bail out TBTF.Senator Paul will no doubt ask where Bernanke thinks he gets this authority and how it helps fulfill his dual mandate of price stability and full employment, which it does not.

Since the Dems were letting the middle class go down I say we all go down or not on our merits. Let the chips fall where they may, Damn the torpedoes! Full speed ahead! Let the TBTF frakkers fail~

As the guys on the street say, we need Potted Palms on the Trading Floor now that we are monetizing the debt a la Argentina pre collapse~

And the TERRIBLE AWFUL economic data continues to roll in. What will Team Obama do now?

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November 2, 2010. Tags: , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St.

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