I have just received the following telegram from my generous daddy. It says, 'Dear Jack: Don't buy a single vote more than necessary. I'll be damned if I'm going to pay for a landslide.
--John F. Kennedy
Almost a month after The Federal Reserve completed its massive, $1.2 trillion purchase of mortgage securities, 30-year mortgage rates are about 5%.
What were they prior to March 31?
About 5%.
Which begs the question: did The Fed really need to spend all that money?
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