This page has been archived and commenting is disabled.  Jim
Grant: "The Fed Owns The Stock Market"  Tyler Durden's picture
The dulcet tones of Jim Grant provided much food for thought on
Tom Keene's Bloomberg Radio show this morning. While the
interest rate observer did not change his tack on the extreme
experimentation of world's central banks, he did have some new
perspective on the incredible moral hazard (or unintended
consequence) that is being created. One of his main criticisms
is the incredible arrogance and conceit of a central banking
system that believes it can see the future and thwart things
before they come to pass, as he notes "I blame the central
bankers for confusing the black art of central planning with the
traditional art of central banking". He fully expects more
easing by the Fed and its friends as he awaits their response to
this latest stumble in the markets but what is most evident to
him is that "The Fed owns the stock market" since they have
financially repressed all investors in