And I’m arguing that the sheen is wearing off and rationality is returning, Fed or no Fed… hype is gone — people looked at earnings briefly, then saw the forward guidance and sold off.

And again, I’m arguing that it would have been a hell of a lot smarter for the Fed to invest in infrastructure as directly as possible — at least having new, clean, working infrastructure will buoy the economy a LONG time after new stock or property bubbles dissipate.