The Market Ticker
Commentary on The Capital Markets- Category [Interviews]

Go over on over and have a look at both my view and those of a few others..

My central point was this, which is what I've said for a long time (and made quite-clear in Leverage as well):

When you underprice a loan (or overpay for a bond -- same thing) the loss happens at that instant.  You can shift who eats the loss down the road, but you can't unbreak the egg.

As such "unwinding" QE and its unwind is an amusing exercise because it simply transfers the when and who on the bad transaction -- but doesn't "undo" it -- because it can't.

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