This has serious implications which I wont get into this early in the morning. The FED (Federal Reserve) is a private institution and not governed by the Government. Giving more power for our financial infrastructure to a private entity is giving up the nation's power. This is the worst move I have ever seen in Finance. Bernanke is the WORST fed chairman EVER, but it seems that the political pressure of the election is twisting the arms of those who would normally object to such moves.
Well the announcement will come at 10 am this morning so I will be watching and see how the market reacts.
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