Quote Originally Posted by we_are_toast View Post
...This ability of the Fed to sell all the stuff that it is buying has me wondering about POOM. If the housing market can't be reinflated and unemployment can't be brought down for a long time, can we have POOM?...
If the housing market cannot be reflated, and unemployment remains elevated, what do you think the Fed's chances are to contract the money supply and raise administered interest rates when it needs to?

POOM, once it gets underway in earnest, is going to be sustained this time precisely because the political will to counter inflation will be completely lacking in a world of slow economic growth and high unemployment.