"The Fed is now hostage to Wall Street. If the stock market pulls back a few per cent the Fed becomes frightened. It has come to a point where the Fed is virtually a hostage of the financial markets. When they sputter, let alone fall, the Fed frets and steps in."
I agree but it is not Wall Street rather Congress. Popping any perceived Dow and Housing bubbles will dampen the anemic GDP and risk a deflationary crash.
A deflationary crash will put at risk the expected $19.3T public debt burden that we vote Congress in for.
Keynesian economics was only theorized to be implemented to soften recessions and not put an economy on life support!
This is going to hurt.
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