Extreme inequality caused by deeply flawed monetary policy will make it difficult for the Fed to rescue the stock market, a rescue that will cause more inequality. The Fed will do its best to honor the Fed Put but inflation and inequality make policy choices very difficult.
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"There is this undercurrent of unrest and dissatisfaction. The excesses are in your face about how the wealthy live their lives. I think the Fed is going to be forced to not come to the rescue of the economy for the first time in 40 years."
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