Fed Undertakes QE3 With $40 Billion MBS Purchases Per Month

Bloomberg has produced the story Fed Undertakes QE3 With $40 Billion MBS Purchases Per Month.

I found Mitt Romney’s reaction to this hysterically funny.

Republican presidential candidate Mitt Romney has said he wouldn’t reappoint Bernanke when his term ends in January 2014. Lanhee Chen, Romney’s policy director, said the announcement of QE3 is “further confirmation that President Obama’s policies have not worked.”

“We should be creating wealth, not printing dollars,” Chen said in a statement.

Looking at my own investment portfolio and multiplying by how much larger than mine is  Mitt Romney’s portfolio, if Mitt Romney is no better an investor than I am, he made $3,500,000 today.  I guess with Romney’s net worth of $250 million,  making $3.5 million a day isn’t considered real wealth.

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