I have consistently argued that market participants have been falsely conditioned by our monetary and fiscal policy in this country to always expect comfort and never expect interruptions from the market moving higher, or the quality of life status quo that we believe we are entitled to here in the United States to suffer.
The direction the country was heading in monetarily and fiscally was simply unsustainable. Deficits too big. Debt skyrocketing against GDP. Wealth gap accelerating. Drug and alcohol addiction ravaging cities.
[...] We were walking a path that decimated the lives and the purchasing power of the people who need it most and took American jobs away from people who needed them the most.
The top 1% who got infinitely richer thanks to quantitative easing and now have to go through the horrifying exercise of watching their multimillion-dollar portfolio fall a little bit are going to take larger dollar and quality-of-life hits from this policy than the lower middle class, who likely have very little invested and who probably won’t even notice a difference in quality of life because of the squalor they are already living in.
[...] This sea change reverses the gears of a machine that has been in motion for decades. The discomfort in the market and in media means that it’s working. And the idea that we’re doing it proactively is a positive, not a negative.