Surprise, QE is not Working………Update at 9:36 AM CDT

At the start of today’s testimony both lawmakers and Ben came to the conclusion that QE did not work.  The reasons, well, two were mentioned,  fiscal drag from Washington austerity and Obamacare.  Wake up guys, you have to let the 2008 crash clean itself out and find a base.

Further update at 10:28 AM CDT

Ben added in the past half hour, basically that in spite of QE not working, stock market valuations are OK.  How does that work?  Maybe really good mirrors.

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