Buffaloed. Mainstreet is not stupid enough to believe that $600 billion of bonds will push up sales of Coach bags. So Stockman says. Bloomberg Video…

David Stockman, who was U.S. budget director in the Reagan administration, talks about the Federal Reserve’s plan to buy $600 billion in Treasury securities through next June in a bid to further reduce long-term borrowing costs and keep prices from falling. Stockman also discusses the midterm congressional elections and the federal deficit. He talks with Carol Massar and Matt Miller on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)