Zeev's Turnips Patch-No Politics (ZEEV)

[late bloomer]

This morning, Art Cashin commented that the market has figured out that the true purpose of QE2 and POMO is to raise stock prices, and that the Fed is intent on achieving this goal.

Zero Hedge has come to the same conclusion. Here are quotes from our fearless Fed leaders that disclose their beliefs;

Greenspan; "if the stock market continues higher it will do more to stimulate the economy than any other measure we have discussed here."

Bernanke; "higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion"

http://www.zerohedge.com/article/bernanke-confirms-key-goal-fed-and-qe2-boost-stock-prices-create-wealth-delusion