Only a few hours later the reading on non farm payrolls in the US was bad enough to spark another QE2 fuelled intraday rally that left The Macro Navigator scratching its head. http://www.telegraph.co.uk/finance/economics/8051918/US-job-losses-drive-markets-higher-on-stimulus-hopes.html
TMN thinks that absurdity has reached extreme levels now, extremes that remind TMN strongly of 2008 where the fireworks did not stop until there was no oxygen left.
TMN saw Jimmy Bullard speak in 2008 in the UK where he was trying to make believe that "too big to fail" is nothing that will persist but it should rather be interpreted as "too big to fail right now". Not that TMN would ever believe any of these tales, especially when FED sponsored deals allow the "too big to fail" banks get ever larger and larger. TMN were polite enough to not throw him a shoe when the opportunity was there. On the other hand the FED's own medicine, an ever expanding FED balance sheet, will likely help in taking baby steps towards the FED's own funeral. We maybe should be thankful for that.