Benny caught a lot of traders on the wrong side. Consensus was pretty firm that there would be some kind of taper probably around 10 billion Benny bucks, but Benny couldn't do it. He choked. I believe this to be a big mistake. First the market was fully set-up to accept a puny taper. Any selling would have been brief and very welcome by the fundies who desperately want to buy in, just not at these levels. The market would have bounced to new highs in no time. Second is 75 billion a month QE fraud is still a huge amount of inefficient stimulus. In other words nothing would have changed except for perception and that perception would be the economy is improving and the Fed recognizes that and is willing to get ahead of the curve with a taper now. Instead, Benny balks, the shorts cover madly, the market explodes higher, and the fundies are left sucking wind not wanting to buy at the new overinflated levels. Plus, the perception is now the economy must be in deep stink. That is what is known as a lose lose since the only thing a QE market trades on is perception aka fantasy. Somewhere a small man screams... "Look Boss. The helicopter! The helicopter!
Benny fudged up royally. He will ultimately be recognized as the patsy failure that he is and at some point, the realization will set in that a constitutional will be necessary to forever exempt college professors from becoming Fed chief. Some would like to see a Constitutional amendment abolishing the Fed altogether, but that won't be happening now or ever so lets just keep idiots from running it. While we are at it, let's get a Constitutional amendment now and forever banning anyone who has infested the Senate from ever being eligible for the Presidency of Murica. Fook yer!
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