The Fed Is the Idiot in the Shower

The ratio between stock sentiment and bond sentiment is the widest it's been in, I don't know how many years, like 10 years or something like that. People are max bullish on stocks and they're max bearish on bonds. You have trillions of dollars in T-bills and money market funds and CDs while the NASDAQ went up 44%, right? So like there's just a ton of money hanging out that's not being put to productive use in the economy. It's causing a misallocation of capital.