The FED: Here is nothing, grab it hard.

An old Hungarian saying. That's what the FED offered today.

Let's take a look. Operation Twist has done little to stimulate the economy. So, the FED extended it to the end of the year. Underwhelming.

Meanwhile, the Greeks formed a coalition government: NDP + PASOK + another but small party. As George Wallace would put it "there isn't a dime's worth of difference" between NDP and PASOK. The new govt would like to renegotiate the terms of their bailout. Good luck. A bailout is offered for Italy and Spain as well. Will Spain agree to austerity and drive its depression deeper? Will Greece?

Meanwhile, the French are lowering their retirement age and are going to hire 10K new govt workers. Just the thing that a faltering economy needs. Amazing!