In the last quarter of 2008 the Fed’s balance sheet footed at about $1 Billion. It’s now over $2 Billion and according to the CBO has the potential to hit $5 Billion. How’d they do that you ask? Click here to see a step by step graphic tracking the key events and amounts of junk on that balance sheet, which Jerry O’Driscoll was kind enough to send us. Note the difference between the relatively clean high quality assets last year and the “colorful” expanded assets this year. Who will buy this stuff when the it’s time to contract money supply and raise rates?
Tom Motherway
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