I may be shooting myself in the foot, but I hope Ben Bernanke doesn’t roll out QE3 on Friday.
It sure seems like the financial markets are praying for a Jackson Hole miracle. Who can blame them? It’d just be another iteration of the “Greenspan Put” that will prevent reality from rearing its head. It’s been a better part of a generation since the Fed has been racing to the rescue. Enough already.
Don’t get me wrong. I’m not wishing for a crash, and I fully believed that the Bush administration’s decision to bail out the banks in 2008 was the right call, even as both Democrats and Republicans, hewing to their respective ideological objections, tried to block the whole effort.
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