See additional comments on Tea Party Nation.
The $40 billion per month printed at the direction of the Federal Reserve to prevent the mortgage industry from collapsing is set to more than double to $85 billion:
The government will reduce net sales by $250 billion from the $1.2 trillion of bills, notes and bonds issued in fiscal 2012 ended Sept. 30, a survey of 18 primary dealers found. At the same time, the Fed, in its efforts to boost growth, will add about $45 billion of Treasuries a month to the $40 billion in mortgage debt it’s purchasing, effectively absorbing about 90 percent of net new dollar-denominated fixed-income assets, according to JP Morgan Chase & Co.
Although we are told that the housing market is recovering, it is not relevant if the mortgages issued to unqualified people are in default. But the Federal Reserve’s official purpose is:
“The Fed is not creating this scarcity [in the bond market] to help out the Treasury, it’s primarily to get the economy going.”
So according to the Federal reserve, we need $40 billion per month for mortgages (the ghost of Christmas past), $45 billion per month to stimulate the economy (the ghost of Christmas present) and the $1 trillion student loan bailout is coming (the ghost of Christmas yet to come).
Rush is right: you cannot beat Santa Claus in any election.
h/t TF Metals Report