From Pragmatic Capitalism: I've been assuming since day one (since there was no other logical explanation for QE aside from the fact that it can clean up bank balance sheets) that QE2 was a bank bailout and not a Main Street rescue plan and it now looks like Ben Bernanke and the Fed are (at least partially) confirming this. They are concerned about the capital positions of the nations largest banks.
The WSJ reports:
"The Federal Reserve will...
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More on the banks:
Top risk analyst: It's time to prepare for the next bank crisis
New banking rules could drive emerging markets even higher
Euro CRISIS: Plans for a European "bank mutiny" are picking up steam
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