The incestuous relationship between the Fed and money interests has been a secret only to the willfully blind. Under Greenspan, policy makers towed the party line or else. So did Wall St firms, or else.
Now, some policy makers have seen that in truth there is personal salvation. Both Charles Plosser, pres of the Philly Fed and Richard Fisher, pres of the Dallas Fed said Bernanke was wrong to protect stock investors, "inappropriate policy at an inappropriate time," noted Plosser.
We noted earlier that equities are very vulnerable because much of earlier gains was simply froth generated by QE 2.
Robert Craven
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