Dreaming of Fed Sugar Plums

The stock market is rallying hard. The basis, as far as there is one, is that the Fed is going to “do something,” a conclusion reached from both poor economic data and yesterday’s released Fed meeting minutes. Of course, it is expected that whatever they do will both support asset prices and speculation while damaging the underlying economy.

The economy being a problem for another day, it is time to party on the prospect of free money. After all, it was September last year  when the Fed last found that the economy was sagging when artificial propping was removed, and of course they “did something.”

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