Quote of the Day

FX Weekly in their article The Flipside of Oprahnomics echoed the concerns I laid out in this morning’s Weekly Message:

“It is perhaps politically impossible not to bail out everything, but we simply struggle to fully grasp the potential scope for moral hazard issues growing on the balance sheet of the Fed; that is probably a question for another quarter, though. Right now, capital owners seem happy with the strategy. We have our doubts whether they will be as happy in 2-3 years from now.”

Although, with regard to the last sentence, I’m thinking sooner… 


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