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They aren’t responsible for inflating markets, but they are responsible for financial stability.

The two moves this morning, stating that the discount window is always open and then buying $19 billion worth of MBS, those were two very nice moves, even better if the MBS securities are subprime/Alt-A.

The ECB has injected almost 200 Billion Euros the last couple of days. It’s about time the Fed awakened from its slumber and started to pull its weight.