UPDATE: WORLD EQUITY MARKETS CRASH 6 TRILLION BELOW 2007 HIGHS
MY SENTIMENTS EXACTLY.
Why does the Fed always respond by doing something? It only makes things worse down the road as it forestalls the inevitable pain and normal market cycles---rather than letting markets sort things out with short-term pain then move on?
Markets are like seasons of the year with winter always coming after summer and fall. When the Fed and other central banks try to keep markets in perpetual summer, it's hubris. This is not rocket science, but the Fed---which has zero accountability to anyone, anything---keeps acting like it is the center of the universe. What a sad, ridiculous joke.
Meanwhile we fixate---like children looking for a father figure--on the presidential candidates, or on ama Yellan, as if any one of them can do anything about this and save us from ourselves.
I say, abolish the Fed! The sooner the better and let us grow up.