Stocks opened significantly lower today, drifted upward during the day and then slumped sharply in the shadow of the impending close. The notion of the FED not continuing to buy the massive amounts of Treasuries and MBS bonds is causing more angst that it should. As I have pointed out, with the Fed owning more that $4 trillion of the collective fixed rate securities, it will take years to unwind. if history repeats itself, they will also make money in the process. Let's use that money to reduce our towering debt!! The Dow closed down 149 points.
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