Yesterday, the Fed reported the first $20.1 billion in net,
non-rolling purchases of MBS eligible under QE3 (consisting of FHLMC, FNMA, GNMA
and GNMA2, most likely the bulk of them coming out of a certain office in
Newport Beach (PIMCO) which has decided to start locking in its monster profits for the
year after getting QEternity spot on).
End result: jobs created or saved, ZERO!
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