Wall Street calls B.S. on Bernanke

Some institutional Wall Street firms are beginning to say what little Fedbashing bloggers have been saying for a long time.

From the respected Leuthold Group's latest letter:

By keeping interest rates at extreme lows and printing money the Fed is trying to reflate, convincing consumers to spend, not save and investors to buy riskier assets. The Fed is trying to create a wealth effect.

* This new round of "Quantitative Easing" is not expected to be effective and likely will create more havoc.
* We see the perceived deflation threat developing into commodity based inflationary fears.
* The worst kind of inflation is monetary debasement, and yes we should also be fearful of this!