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What does buying up lon-term debt by the fed signal its perception of where the economy is? what the fed did yesterday was it did two really significant things. ben bernanke, fed chairman, came out and first he said, we re a little bit more scared than we were just two months ago and the second big thing, probably a little bit more important, was what you were just talking about, it said we re prepared do something about it and that s this idea of buying up long-term assets. joshua shapiro, the chief u.s. economist at mfr, says that the fed s announcement appears to be mainly designed to provide itself with political cover against a backdrop of a gut-wrenching economic correction that shows no sign of ending any time soon. is this just cover, do you think? is this the fed saying, hey, we re doing everything we could possibly think of here so if the economy goes bust again, don t blame us? well, that might be a little bit unfair. first of all, they re not up for re-election, the ....