No, The Fed Is Obviously Not Responsible For Stock Levitation….
Oh, wait….never mind.
Now… Assume No Fed
Our entire economy is built on the ENRON model of accounting fraud. The juice in the market isn’t based on growth or production, it’s based upon debt leverage. Margin. Fantasy. Fraud. They don’t call it the ‘Roach Motel of Fiscal and Monetary Policy’ for nothing you know.
It works until it doesn’t. Plan accordingly.