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A Very Pernicious Partnership: Keynesian Money Printers And Wall Street Gamblers

No sooner was the January jobs report released than the Wall Street Journal posted a succinct headline: "Hiring, Wages Pick Up as Job Market Nears Full Health".

Whether the job market is actually as red hot as the BLS' headline numbers is a debatable topic, but it is absolutely clear that the "emergency" the Fed cited 73 months ago when its pegged the money market rate a zero has long since vanished. Indeed, by the standards of all prior history, ZIRP was a death bed remedy. Prior to December 2008, the Fed had never, ever pegged the funds rate at zero-not even during the Great Depression. Read more