Printing Wealth

We can't afford to be innocent
Stand up and face the enemy
It's a do or die situation
We will be invincible
--Pat Benatar

Over the past wk or so, various Fed heads have been making the media rounds chatting up the virtues of QE2. Here's a small snippet from NY Fed official Brian Sack:

"[QE2] adds to household wealth by keeping asset prices higher than they otherwise would be."

Hard to believe Fed officials actually believe that wealth is improved by money printing...

Regardless, it does appear that the Fed pull out all stops to keep stock prices jacked. It remains to be seen whether such efforts will be successful.

position in SH