The news that the Federal Reserve Bank expanded its Operation Twist program by another $267 billion was meet with somewhat surprising yawn by Wall Street.

In case you've been ignoring the Fed (which is not such a bad idea if they weren't so powerful), Operation Twist is the…

If cheap money is good, then free money must be even better!

Real yields (after inflation) are already negative. The yield on the 10-year Treasury bond are well below 2% and three-month rates are 0%.

The yield on five-year TIPS is a negative 1.0%! How much lower…