Stories like this one, plus the recent IPO rush, the Tesla spike, and the frenzied day-trading of twenty-somethings on Robinhood reminds me a LOT of 1999... Th

Stories like this one, plus the recent IPO rush, the Tesla spike, and the frenzied day-trading of twenty-somethings on Robinhood reminds me a LOT of 1999... The difference in 2020 is that by now everyone has decades of very strong evidence that the Fed won't allow markets to fall very far or for very long. They've created a one-way bet which they must keep supporting, because the moment that market participants believe the Fed Put is dead, there will be a major crash across all asset classes. And most importantly, the Fed will rightly get the blame and may be restructured as a result... which means the Fed will avoid this outcome at all costs. Everyone knows this, and everyone knows the Fed knows, and the Fed knows that everyone knows that they know. Which means there can be no escape except via something externally-imposed which allows the Fed to avoid the blame. COVID was an opportunity for this but they did exactly the wrong thing and doubled down, giving people even stronger evidence that they are trapped. It's a problem.