Warren Buffett Echo's Smalltime Blog Post from September 13, 2012

Warren Buffett, speaking at the annual shareholder meeting for Berkshire Hathaway, echoed almost to the word what I said about the Federal Reserve Banks' famous quantitative easing program of buying US treasury bonds and mortgage backed securities in my Blogpost titled Fed Pulls Trigger on Massive Stimulus. The holders of these instruments are the ten largest banks in the US and they are using the proceeds of the sale of these assets to invest in equity markets, thus the new highs on the Dow and S&P 500.