The news is out. The Fed has ended its QE hand-holding fiasco. For now.
Commentators, like a bunch of kids on Halloween night, were out in droves. Opinions and reactions are about as varied as those costumes people don on Halloween, too.
There's never been a paucity on Wall Street of stupidity. So here's our post-Fed report for the most stupid comment of the day.
Jack Bouroudjian of Index
Financial Partners, also on "Closing Bell," said he thinks Fed skeptics
are full of hot air. In a rather heated exchange he said Janet Yellen and the Federal Reserve deserved nothing but praise.
"I
call this brilliant. I think what Janet Yellen has been doing is
absolutely wonderful. They have been able to maneuver through the cycle
with low inflation; they're starting to create jobs and we have
companies making money."
He added: "It's about time we quit knocking the Fed. People are not unemployed because the Fed is keeping rates low."
Well now, Mr. Bouroudjian, you're correct. People are not unemployed because Yellen and her mad band of house painters kept interest rates artificially too low too long.
They're just too income poor to purchase the necessities they need to live a relatively dignified life.
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