2006 All Over Again Thanks to the Fed's MBS Purchases - Thanks Fed

 "With almost USD 700 billion of new emergency MBS purchases since March 2020, the Fed now holds USD 2 trillion of agency MBS, or almost 30% of the outstanding balance."  They are buying at a slower pace now but they are still buying up all of that crap paper at very generous valuations.  I'm sure it's all AAA, sold gold paper. /s