Excellent discussion from Scott Grannis

Economist Scott Grannis just posted a discussion of the role of business innovation versus the role of government and Fed policy in the aftermath of the Panic of 2008-2009.

We recommend that every investor head over to his blog, the Calafia Beach Pundit, and check it out. The concepts he discusses in this most recent post, entitled "Why zero rates are not driving the equity rally," should be carefully studied by all investors.