In 2008, various liquidity facilities, designed by the Fed, unclogged broken capital markets and helped avert economic and financial disaster. The Fed’s (subsequent) QE and ZIRP policies have enabled fiscal stalemate, turbo-charged wealth inequality, and arguably led to financial asset bubbles. For these reasons, we believe they have become counter-productive. New tactics, should they be needed, would therefore be welcomed. The Fed claims it will turn to “macro-prudential” polices, but as Kevin Warch told The IMF, "macro-prudential policies are vital, but we have no idea what they are." We have a theory for what the Fed does next... and holders of capital (who have been so richly rewarded) will be badly hurt.