> There's no central planner There may not be one central planner but there are definitely power centers that exert far more influence than rest of the partici

> There's no central planner There may not be one central planner but there are definitely power centers that exert far more influence than rest of the participants combined. There’s fed which walks a tight rope of managing inflation while keeping low unemployment rate. And then there’s federal government, by far the biggest spender in the market. You also have Fannie Mae etc selling mortgages which is huuuge.