``From Bernanke comments and the FOMC statement, I discerned subtle confirmation of what I believe is a desire within the Fed system to end its experiment in massive asset purchases. Of course, they seek to gingerly manage this key inflection point in monetary policy/history. But, in true Bubble Dynamic form, "gingerly" is tantamount to a green light for market Bubble speculation. You're either willing to remove the punchbowl or you're not. Telling the intoxicated you're going to modestly reduce the alcohol content of their drinks and then shut the bar down completely in a few hours is not likely to elicit the desired behavior (unless you're fine with drunkenness). ''

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