Let’s talk about maybe one of the reasons why QE2 failed. In your view, will they announce another QE3 or QE4 as some on Wall Street anticipate if the economy weakens?
Well, unfortunately, they feel they have to do something. But in all honestly, as I think they do realize, they can’t stop it because we are in a global economy. I mean, you take the QE2 idea, then okay, you are going to buy 30-year bonds and you are going to take them in, and therefore, in theory there’ll be a shortage of long-term debt, so therefore they’ll lend more back to the mortgage market. Again, that shows the problem of this myopic view of the world. China said, well gee thank you very much, and they shortened their maturity by selling those 30-year bonds and moving down to two year notes or less.
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