Why The Fed Makes Mayor de Blasio Look Like A Paragon Of Competence and Honesty

If you ever wanted smoking gun proof of the folly and corruption of the Fed’s massive intervention in financial markets, today’s lead in the Wall Street Journal couldn’t have been more dispositive.

It basically confirms that price discovery in the corporate bond market is now deader than a doornail, moral hazard is rampant in the C-suites and that central bank front-runners in the bond pits are once again giddy with laughter as they stumble to the bank, intoxicated with unspeakable windfalls bequeathed by the clowns in the Eccles Building.