Robert Rodriguez is a pragmatic portfolio manager willing to take a deep look at the future implications of decisions such as QE3. While it is clear that there aren’t a lot of good options out there, the ramifications over the long-term can be quite severe. The biggest issue that I see is that the Federal Reserve has the pedal to the metal with no room for further acceleration, while the fiscal policies being enacted are the equivalent to slamming on the brakes of the economy. It is this partisan and destructive behavior that has delayed the economic recovery and stifled growth. Below is Rodriguez’s well-written piece. Enjoy:
http://fpafunds.com/docs/special-commentaries/all-in-commentary-9-2012.pdf?sfvrsn=2
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