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Esteemed Advisor

communications policy

as Bernanke labeled it, and what Greenspan was master of. The idea that the Fed often doesn't need to do anything, they just need to choose the right words.

Whether Kashkari was the brains behind the massive monetary blitz or not, I think they wish they'd left the part out about how they'd buy stocks if they had to. Which, to a large extent they haven't.

The first Fed buying panic late last year was accomplished simply with expanded repos. I think "the market" would have been fine with the big monetary expansion and the rest left to imagination.

Now they've blown a huge stock bubble, which will only be a huge headache going forward, either sooner or later.

And the market may put a gun to their heads and actually force them to go deeper into fascist socialism for the wealthy. Which will only serve to destabilize our country further in the long run,