I hold no stake in the QE3 betting pool, since it creeps me out just to think that something as transparently fraudulent as the Government buying its own bonds could be seen as a viable economic remedy by so many.  It takes someone with a PhD in economics — Bernanke or Nobelist/quack Paul Krugman, to name names — to religiously believe that further shell-game attempts at stimulus will somehow jump-start the economy and/or hold debt deflation indefinitely at bay.

Betting aside, those who think QE3 is a sure thing ought to be asking themselves on the eve of the announcement what is to be gained stimulus-wise if the Fed does exactly what everyone has been expecting it to do?  Wouldn’t that imply that the outcome has already been priced into stocks and bonds?

QE3 or not, I doubt the stock market will get much mileage out of whatever is announced today. As for the economy, even the village idiot no longer believes that credit stimulus of any kind will achieve a purposeful end.