Does The Fed really want to have a put every time the market gets nervous? …Coming off all-time highs, does it make sense for The Fed to bail the markets out every single time… creating a trap?
The Fed has created this dependency and there’s an entire generation of money-managers who … have only seen a one-way street… of course they’re nervous.
The question is – do you want to feed that hunger? Keep applying that opioid of cheap and abundant money?
The market is dependent on Fed largesse… and we made it that way…