I was at a party with a lot of Wall Street traders last week – in the middle of all the stock-market volatility. And, while the party was quite enjoyable, the mood of several attendees was quite sour — they were certain that a massive selloff had just begun. As has been the case over the last several years, I found myself having more than one conversation in which my counterpart was insisting that Federal Reserve policy is certain to lead to a disastrous outcome for the economy and markets. Two were quite insistent that our days are, indeed, numbered. I asked a few of them to explain why such a fate is certain. They ... (full story)