Following up on the post immediately below: "How the Federal Reserve Came to Dominate Financial Asset Markets".
Ed Yardeni, PhD, "Dr. Ed" has been watching the goings on of the Federal Reserve for longer than some of our readers have been alive and has achieved that sort of effortless (appearing) mastery that allows him to distill and simplify sometimes esoteric concepts. Here he is on liquidity:
Yeah, yeah <insert correlation ≠ causation here>.
And now, riffing off the implications of Dr. Ed's academic insight, is philosopher of markets, Billy Joel on the interplay between the seen and the unseen, the fact that what we are living through is not capitalism and why your neighborhood Registered Investment Advisor was all for the 2021 - 2023 spendathon and monetization and why said RIA squeals at the thought of the punch bowl being taken away:
It's just a fantasy
It's not the real thing
It's just a fantasy
It's not the real thing
But sometimes a fantasy
Is all you need
