"Fed will have to divest its $1.4 trillion of mortgage-backed securities (MBS). This would send mortgage rates spiraling even if sales were spread over several years.
"Fed would still need to sell about $600 billion of U.S. Treasuries to reduce excess reserves in the banking system.
"The monetary expansion that started as a response to the subprime crisis has evolved into a prolonged and largely unsuccessful effort to offset the negative impact of the Obama administration's tax, spend and regulatory policies....No such explosion of debt has ever escaped a day of reckoning and no such monetary surge has ever had a happy ending." (Italics added.)