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Will the Fed's Last Bullet be Pointed Inward?

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Russian Roulette for the Washington set.

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This isn't a vibe for today, per se; I'm just putting it out there. The Bernanke Put is a walking, talking contradiction; it will arrive if the economy falters, but the economy won't improve without stimuli (or, it hasn't yet, despite oodles of infusions).

The definition of frustration is doing the same thing over and over again and hoping for a different outcome. That also happens to be the definition of "stuck."

As employment and housing continue to flounder, folks are waking up to the fact that there's the market... and there's an economic reality. There's inflation in things we need (food, energy, education) and deflation in things we want (laptops, plasmas, cell phones) and most of America is stuck in the middle with you.

Bottom line: Policymakers have a "God Complex" and the simple truth is that nobody is bigger than the market. It's clear that they -- and "they" includes European policymakers -- won't willingly give up the ball.

The market will have to take it from them.

R.P.

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