He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III

Thursday, October 06, 2011

The Fed's Operation Twist Will Be A Partial Success

The Fed is single-handed trying to make up for the lack of depth in the credit markets, but will only be partially successful. Its efforts will reach larger companies, but will do little for the small guys who typically perform the heavy lifting in economic recoveries.

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