I don't think we were ever wrong. We said from day 1 that the Fed was taking a dangerous and reckless path that would end in catastrophe and so it is proving to be. 'This Time Is Not Different'. What's the point in getting 'rich' from artificially inflated asset prices if the trajectory is not sustainable and the wealth gets wiped out? The asset prices crash, and all that debt remains. Being convinced that you are right does not require 'wishing' or 'hoping', it's simply stating that something is inevitable and then bearing witness while it happens.
