#56: Joseph Wang On How The Fed Forever Altered The Investing Landscape
Superinvestors and the Art of Worldly Wisdom
The Effect of Fiscal Policy on the Real Economy
When the Fed was buying treasuries and leaving the sellers of those treasuries with cash in a bank account, that was zero yielding cash. So they had a huge incentive to move that into something else that was hopefully generating return above zero. And so it created demand for risk assets and people going out the risk. Part of what forced Dewey to go on even longer than probably Bernanke intended early on was the fact that fiscal policy was so meager at the time.
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