> I’m saying that without the Fed and the federal government acting to rationally steer markets the markets will go off a cliff and not come back. So how did m

> I’m saying that without the Fed and the federal government acting to rationally steer markets the markets will go off a cliff and not come back. So how did markets exist at all when the Fed was created? By your logic, they would have "gone off a cliff and never come back" long before that. > When the government stimulates the already hot market with lax taxes and high spending it’s like pouring liquid oxygen onto a flame Even after all the stimulus so far? No diminishing returns, ever?