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The Importance of the Central Bank Put
I think it's such an important point because whenever you bring up any kind of you know fundamental concerns about the markets or anything in which everybody appreciates the overvaluation. Robert Schiller brought the parallels to the late 20s stock market recently in a New York Times article. The common response is well never before have we had a central bank that is hell bent on propping up the markets and so I would almost say that the central bank put has become a central bank call, like free money just buy this thing because there's no downside.