That's the 10 year. Yield up almost 5% today and roughly 16% since Ben started QE2.
Note: Yields have their decimal places one to the right on these symbols - so the 10 year is 2.89%.
Remember, Bernanke told us all that his plan would bring down interest rates, including those for home loans. In point of fact, just like last time with QE1, yields and thus interest rates for mortgages actually went up, not down.
To be blunt, Bernanke lied. Again.
There was no intent to help homeowners. There was no intent for rates to go down. In point of fact the entire purpose behind QE2 was to try to let banks skim off the spread on their "transactions" to The Fed, therefore providing them a huge, tens-of-billions of dollars in windfall profits with which they could try to cover up their losses from bad loans.
That's all it is, and whether it destroys the economy and further depresses housing doesn't matter to Bernanke.
I said that all QE2 amounted to was yet another chapter in the looting scandal of America, and would result in more job loss, more cost-push margin compression and ultimately could lead to a profit and thus stock market collapse.
Bernanke doesn't give a damn about any of that.
All he cares about is bailing out his insolvent friends.
Throwing you, America, under the bus is just fine with him.
Wake up America... while there is still time.
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