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An Open Letter to the QE Crowd: GIVE UP

by Graham Summers
Gains Pains Capital

So… all of you were clamoring that QE 3 was coming. It was guaranteed.

Well guess what. It didn’t. You were wrong. 100% wrong. All we got was the same tired “the Fed stands ready to act” tagline from Bernanke.

This was the obvious conclusion anyone who actually bothered doing research would come to. Bernanke stated as far back as May 2011 that the consequences of QE outweighed the benefits. He also stated a month ago that for the Fed to buy too many Treasuries or Agencies would “hurt” the financial system.

But no, everyone and their mother was positive QE was coming today. Nevermind what Bernanke actually says. Nevermind that food and gas prices are near records. Nevermind that the political consequences of QE now would assuredly cost Obama the election and result in Mitt Romney taking the Fed to task once he was in office… QE was definitely coming today.

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