Once there was an emergency.  Now there is not. There was a conflagration in the financial world eight years ago. No more. The bonuses are back on Wall Street, bank CEOs are pulling in huge compensations, and the stock market is holding at all time highs. Yet the fire hoses of the Federal Reserve are still at work, no longer putting out a fire but filling the swimming pool and Jacuzzi. What the Federal Reserve is engaged in is no longer being a savior of the system, but a featherer of beds.  It is indefensible and inexplicable.  It is largesse to some, tantamount to theft from others, for they are intentionally harming one sector and assisting another at the former’s expense.  Is this the new function of the Federal Reserve? The Federal Reserve is openly promoting inflation and coincidentally keeping interest rates below the inflation rate.  This inversion is against historical norms, outside the Fed’s mission statement, and tantamount to...(Read Full Article)