MERA KNARK

"It’s not just QE3. It’s bigger. The drumbeat are pounding for another coordinated response. Within the Fed’s mandate, to bail out a sovereign nation in Europe. This is what it’s come to. The Fed must save the world. As if that’s possible. The drumbeats are getting louder as Bernanke trudges up to the Hill tomorrow. We are not saying Fed will come to the rescue; we are not saying it should happen; and we are not saying that it’s the right thing to do. We are saying that this is what the market’s getting itself positioned for." Wall Street Journal