“Free market enterprise no longer exists,” Scott Minerd, CIO of Guggenheim Partners “The Fed by essence of what it’s doing has taken control of the market.”
THIS is the heart of crony capitalism.
“The definition of market prices is whatever the Fed says it will be,” says Minerd, a member of the New York Fed’s Investor Advisory Committee on Financial Markets.
“As long as the Fed continues to manipulate the cost of credit in the manner that it’s doing, which it has never done in its history, then you have to adjust your view of the investment paradigm that we’re living in.”
This article was originally posted here: https://www.ac2news.com/2020/08/free-market-enterprise-no-longer-exists-scott-minerd-cio-of-guggenheim-partners-the-fed-by-essence-of-what-its-doing-has-taken-control-of-the-market/.