''US Housing: The Wipeout That Took Out the American Middle Class''

From Daily Reckoning Australia

''Yes, the dreaded 'fiscal cliff' wipeout is only four months away. But there is little evidence that the Fed's monetary policy (including QE) can be used as a substitute for fiscal policy.

Besides, you'd think the Fed would give Congress and the Administration a chance to make a mess of things before making a mess of things itself. That's what the separation of powers is all about.

But let's put this whole line of thinking on hold. Unless there's a crack in the stock market...or a collapse in China...or a break-up in Europe...we doubt the Fed will take such dramatic action. It will hold that in reserve, for later, when it is really desperate. But who knows?''

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