What I worry about the most: Nobody, and I mean nobody, has a clue what the ramifications are of all this combined monetary/fiscal stimulus. They have not thought this through & they are trapped.

As long as there are no obvious consequences everyone remains complacent.

But as Buffett himself said this weekend: We will find out what the consequences are.

Contrary to popular lore I actually don't want a 1930s type depression, but the hangover may end up being brutal.
The Fed is reckless in having created the biggest market distortions in history

And they are being so overtly stubborn and arrogant with their talk of unspecified "tools". This coming from a group that hasn't been able to achieve a single dot plot target they've laid out in the past 12 years.
They know nothing. They are pretending & guessing.

Worst is they have cocooned themselves into group think with no alternative voices. They are all reading from the same script and are careful to not subject themselves to critical questioning.
It's all scripted to maintain "confidence".

Note how quickly Powell stumbled when he finally got a couple of obvious questions, when can the economy function on its own, what's $120B/month actually buying us.
He couldn't answer & was waffling.
They can't handle real tough questions cause they never get subjected to them.

which also speaks to the fact that they've had no heart to heart discussions looking at the issues critically.
They are so stuck in their ways & see themselves so without reproach they can't even imagine wrong doing on their part.

They're not independent, they're out of touch.

Maybe Kaplan is reading my threads: https://twitter.com/FinancialJuice/status/1390315634488193024?s=20