"The Fed has insisted on slamming its foot on the gas pedal, refusing to recognize that the transmission is shot. So instead, the fuel is instead just spilling around us all, waiting for the inevitable match to strike. We can clearly establish that activist monetary policy - deviations from measured and statistically-defined responses to output, employment and inflation - have had no economically meaningful effect, other than producing a repeated spectacle of Fed-induced, speculative yield-seeking bubbles. The American public has repeatedly paid the consequences of the Federal Reserveâ€™s insular dogma when those bubbles have inevitably collapsed, but those consequences are typically spread over a longer horizon than the Fed appears to consider."
John Hussman, "Failed Transmission-Evidence of the Futility of Activist Fed Policy," 9/5/2016