I often get the feeling that traders and investors have put too great a trust in the monetary magic of the Federal Reserve.
It’s August, 2010. The SP500 is nearly 20% from its near term high. The economy is on the verge of a recession. Fed Chairman Bernanke announces a little program at the Jackson Hole conference that ultimately morphed into QE2. The markets bottomed and never looked back.
Fast forward a year to August, 2011. The markets have suffered another devastating
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