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Flying High on Borrowed Wings

mshreve Wrote: Apr 02, 2013 7:36 PM
Without FED support, the maarket would"crash".

After selling off an astounding 56% between October of 2007 and March 2009, the S&P 500 has staged a rally for the ages, surging 120% and recovering all of its lost ground too. This stunning turnaround certainly qualifies as one of the more memorable, and unusual, stock market rallies in history. The problem is that the rally has been underwritten by the Federal Reserve's unconventional monetary policies But for some reason, this belief has not weakened the celebration.

Although the Fed has been tinkering with interest rates and liquidity for a century, nothing in its history could prepare...