May 21/15 – The Fed might as well lower itself into the ground

Imagine you were in a terrible car accident in the mid 1990s and spent the last two decades in a coma. Upon awakening, your first questions are how the economy and markets are doing. Your family, perplexed at your questions, nonetheless proceed to answer.

“What does GDP growth look like?” you ask.

“We are running between 1.50% and 3% over the past 5 years…