by Pam Martens and Russ Martens
Wall Street on Parade
As corporate-friendly Republican members of the Senate Banking Committee and House Financial Services Committee engaged in effusive praise at hearings this week over the efforts of Fed Chairman Jerome Powell to quickly establish a plethora of corporate bailout facilities, the voices of Wall Street veterans have struck a different chord. These long-term market watchers are warning that the Fed has created an unprecedented stock market bubble that is destined to end badly.
Earlier this week, CNBC anchor Melissa Lee interviewed Sven Henrich, the Lead Market Strategist at Northman Trader. Henrich savaged the Fed’s recent interventions in the market, stating the following:
“The Fed really has created a massive asset bubble here in the last few months. The lender of last resort has become the lender of the entire resort. And no red line shall remain uncrossed.