Great exchange here between Schiff and the Fast Money guys.
Bullard's Tells the Savers to Piss Off
The market partied on today as the Fed rolled out Bullard on CNBC this morning. The Fed President preached QE, easy money, and low rates for the whole segment. The market responded with an immediate boner as they become convinced that the "easy money" game will keep rolling on.
Take a look at Bullard's arrogant reaction below when CNBC pressed him on the devestating effect that zero rates on have on the elderly who live off of fixed income.
He basically tells them "tough shit" and blames them for not taking on enough risk. I am continually amazed at the size of the balls the Fed has.
The P/E's on stocks are now at 24 which is the highest levels seen since the tech bubble. Historically stocks P/E's usually remain around 16. This is hardly sound advice from a Fed President.
Today was also a POMO day which helped stocks. For now it's party on. The Fed shows no signs of taking their foot off the "easy money" gas pedal despite the turmoil in the Middle East.
I fear the day when this all comes back to bite us. Enjoy Bullard's remarks below: