Having previously shown just who did (and did not) benefit from the resurgence of household net worth [3], we thought it time to provide the context for why The Fed's stunningly obvious policy of juicing asset inflation in the hopes of engorging animal spirits among the general population and a renaissance in public spending is a total and utter wealth-inequality-driving farce. As Evergreen Gavekal [4] indicates so obviously, the consumer isn't fooled by Fed policy; despite a major uptick in household net worth, spending remains anemic.
[5]
Simply put - 3rd time was not the charm... and as is evident the 'transmission' to spending is getting less and less effective with each new Fed-driven, cheap/free-money inspired boom (and bust)
Source: Evergreen Gavekal
