Taper (Not) - KUNSTLER

`` It was perfectly obvious all spring and summer that the Federal Reserve could not neck down its purchases of US Treasury debt paper and bundled mortgage swindles without causing the equivalent of the 1942 Boston Coconut Grove nightclub fire in the financial markets. But not pretending to contemplate the "taper" would have entailed an admission that the so-called economy was on artificial life support juice. That would have suited neither the politicians and their political economists, who clung to their "recovery" story, nor the 1 percenters who were the direct beneficiaries of the wealth transfer activated by the life support liquidity juice injections.''