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| Fellow Investor,
I'm a little surprised by how high QE3 expectations have risen. Given how much flack the Fed took for QE2, and the commodity inflation it sparked, I expected the market to be opposed to another round of liquidity-pumping.
But that's the semi-psychotic nature of the stock market, at times. Investors might complain about the spending, about the monetary expansion and the rising commodity prices.
Still, stocks like liquidity, even if it is inflationary, and even if it creates imbalances and potential bubbles in the economy.
The Fed is at its week-long meeting in Jackson Hole, Wyoming. It was at the end of this meeting last year that the Fed announced QE2 was coming. Now, investors are hoping the Fed will announce a new round of stimulus at the end of this week.
I think more quantitative easing is a mistake. Sure, it would create a rally for stocks. And it keeps borrowing costs in line, which is good for government and banks. But that's really just about it.
Quantitative easing won't create jobs and it won't create demand.
We need fiscal policy to help create jobs. But unfortunately, Congress and the Obama administration have done a poor job with fiscal policy. Virtually all of the government stimulus we've gotten has been focused on propping up poorly performing sectors like autos (cash for clunkers) and housing (homebuyer credit).
This did not create demand or jobs.
President Obama is pledging a jobs bill to be announced in September. I can only ask: what took so long? It's been kind of obvious that we've needed help for the unemployed for a while now... [continue reading at WyattResearch.com] | 
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Market Snapshot
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| | US Markets - August 22 Close | | Dow Jones | 10,854.65 | +37.00 | (+0.34%) | | 
| | S&P 500 | 1,123.82 | +0.29 | (+0.03%) | |
| | Nasdaq | 2,345.38 | +3.54 | (+0.15%) | |
| | Currencies | | EUR/USD | 1.441 | +0.005 | (+0.342%) | |
| | USD/JPY | 76.475 | -0.365 | (-0.475%) | |
| | GBP/USD | 1.6525 | +0.006 | (+0.386%) | |
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