The Federal Reserve’s near-zero interest-rate policy and quantitative easing have systematically mispriced risk, driving up the prices of squirrelly bonds and incentivizing private equity to take ever-bigger risks with other people’s money. I’d tip my hat to the cleverness of it all, if it didn’t seem like just yesterday that we all got a massive dose of reality about how poorly these types of things end.
from Vanity Fair https://ift.tt/2KrQBAs
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