... what can the financial system accomplish without the big Sugar Daddy of the Eccles Building? The investor community is now split between those who continue to ride, slightly nervously, the wave of still easy money and still rising prices and falling risk premiums, those who believe that this should go on a tad longer, and those who have already trimmed the hedges -- naturally too early. Both must feel very uneasy.

And Yellen must feel uneasy too. She wants out but knows that the financial sector may throw a hissy fit. Of course, in an ideal world she should ignore it, even at the risk of reverberations for the `real' economy. But after many years of bad parenting, the financial system is like a spoiled teenager who knows his rich parents will ultimately get the checkbook out rather than see their kid endure any real trouble.

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