"As my old friends know, I am a big fan of making sure you distinguish between asset markets and flow markets when thinking about the economy. The reason is pretty simple. GDP is a number of about $12 trillion, chump change in comparison with our $155 trillion asset market, including $105 trillion in financial assets and $50 trillion in real estate and other tangible stuff, according to the most recent Fed Flow of Funds reports. Bottom line: if a policy does not impact the asset markets it does not matter." http://www.rutledgecapital.com/ http://spaces.msn.com/members/caldaroEW/