The markets went coo-coo for Cocoa Puffs today as the Fed threw a gallon of vodka into the punchbowl.
The financials were leading the charge. When Citi outdistances AAPL you know its not Kansas that they put on that blotter paper that day.
Is this Ben's Draghi moment? So far the Fed has not made much of a dent in the real economy, just the banks and bonds. And helped some gold bugs feel better about themselves I think.
Part of this is certainly the government's fault, but quite a bit is the Fed's, for their coddling of the Banks with their excess reserves and gambling ways. They are the regulator and a strong voice for policy after all.
A reckoning is coming.