After unveiling a fourth round of long-term asset purchases, or quantitative easing, and a new threshold-based guidance, the Federal Reserve has put itself on a path of unlimited purchases of Treasuries and residential mortgage-backed securities (RMBS) until the unemployment rate falls.
But -- I hate to sound like a broken record -- we could create an almost unlimited number of jobs out of this, even in this lousy economy, even with all this embedded mortgage crisis, if we can work out the financing.