QE3 has begun...........

Yesterday, the Fed reported the first $20.1 billion in net, non-rolling purchases of MBS eligible under QE3 (consisting of FHLMC, FNMA, GNMA and GNMA2, most likely the bulk of them coming out of a certain office in Newport Beach (PIMCO) which has decided to start locking in its monster profits for the year after getting QEternity spot on).

End result: jobs created or saved, ZERO!