The Rent-seeking Shareholder Class
We are a thoroughly crony capitalist economy now. The Fed has warped markets of all kinds beyond recognition. Market forces are laughed off by policy makers and the media alike.
(From Global Macro Monitor)
It seems evident, at least to us, that when market forces assert themselves to pressure stocks to move back to more realistic and reasonable valuations, monetary policymakers intervene and change the rules of the game against the bears.