The decision is in: Unlimited quantitative easing. That was the announcement from the Federal Open Market Committee this afternoon, launching a third round of purchases of securities in a bid to boost the economy and reduce unemployment. This time, Ben Bernanke and crew are pledging to buy $40 billion per month until the economy improves. The Fed's policy committee also extended its zero-interest rate policy until "at least mid-2015." If QE3 lasts that long, the Feds will be printing at least another $800 billion to buy mortgage-backed securities.
It won't be a surprise to read conservatives lambasting this as unconventional monetary policy meant to help re-elect President Obama. And inflation hawks have already started screeching. But the loudest cry of "for shame," writes Athony Randazzo, should be coming from the Occupy Wall Street movement.