Distractions, Distractions

While people are getting all huffy about Romney's 47% comment, and horny about Middleton something a little more important took stage: QE3.

Comments from Market Watch:

“If you count those things that consumers purchase the most often (think energy and food) the infamous Fed QE tool has failed on all three of these counts. The economic recovery has stalled with little to no growth. Inflation has begun to get out of hand…and most importantly, employment levels have not improved one iota via these QE programs — nor will it ever.

“But a couple of things not on the Federal Reserve’s ‘mandate’ have improved. The stock market has gained value and banks are steadily getting rid of risky, worthless securities.”

"... If we could just ignore unemployment, the collapsing labor participation rate, GDP growth, payroll income levels, government deficit spending, a huge $16 trillion government debt, US bond rating downgrades and new business growth, the stock graphs would paint a very pretty picture of economic recovery.”

Great for banks! Slothower’s radical prognosis: “the stock market is no longer any kind of reflection of the real economy and may not reflect economic conditions again for a very long time...”

Yes, "the private sector is doing fine."