Cheap money, available for too long, certainly helped cause bubbles in most assets classes in the last 8 years. But lack of regulatory enforcement is probably at far more fault than the availability of cheap money. Just look at the derivatives market and the mortgage market. Outta control for many years. Couple this with the demographic nightmare headed our way…..world class poop storm.
Conspiracy? Who knows. But I still clearly remember when Bush helped to reduce the IRS budget in 2004 so that they had to lay-off investigating attorneys. These guys make the IRS a lot of money. And let’s not forget all the testimony coming out of the Madoff event! They knew what was going on. They were all doing it.
