by Karl Denninger
The phrase all over CNBS was “Fed Policy Mistake.”
The Fed has sequentially been stupid for the last fourteen years. So-called “emergency rates” were put into place in 2008, plus QE, for the specific purpose of protecting the markets and banks from the cost of their policy mistakes.
Of course there is no such thing as something for nothing — ever.
Not in energy, not in biology and not in economics.
So if you “protect” someone from having to pay for their own stupidity (or even worse, fraud) someone else gets screwed.