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Thomas Palley — A Stock Market Boom Is Not The Basis Of Shared Prosperity

Summary:
Thomas Palley — A Stock Market Boom Is Not The Basis Of Shared ProsperityIn addition to directly impacting asset pricing, the Federal Reserve has given a green flag for speculative buying and strengthened beliefs that it stands ready to guarantee stock prices via the so-called “Powell put”. That put is an amplification of the prior “Bernanke put”, which was in turn an amplification of the “Greenspan put” which launched the Federal Reserve’s commitment to stock prices.Has a nice description of the boom and bust cycle by John Kenneth Galbraith.

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Thomas Palley — A Stock Market Boom Is Not The Basis Of Shared Prosperity

In addition to directly impacting asset pricing, the Federal Reserve has given a green flag for speculative buying and strengthened beliefs that it stands ready to guarantee stock prices via the so-called “Powell put”. That put is an amplification of the prior “Bernanke put”, which was in turn an amplification of the “Greenspan put” which launched the Federal Reserve’s commitment to stock prices.

Has a nice description of the boom and bust cycle by John Kenneth Galbraith.

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