> Intellectually, Bernanke and the Fed were prepared for this crisis
> -- they have been gaming out what they would do if "it" happened
> here for years. And a key element of the strategy was altering the
> composition of the Fed's balance sheet -- that is, unconventional
> easing.
==============
Ok, now SA's tuning fork is going off in my head because I'm getting serious cognitive dissonance from what PK is asserting about BB and what Yves Smith has been asserting.
I need a nap.
Ian