Great essay Johnny. But do we really know what the biggest put player on the planet (the Fed) is going to do. Plus, if I could get the folks at say Goldman, to let me had pick and package the bigger pile of shit mortgages to short, am I really an investment guru? It did not take a Ph.D. in astrology-economics to see the housing bubble about to burst. WS's own Gaussian Copula model predicted it, before its designer fled back to China. Aside from the stock market I keep wondering when the present housing bubble will implode, not to mention commercial real estate.

PS: You might enjoy my most recent missive, if only for the humor. https://medium.com/@daneke/when-the-wank-became-swank-money-banking-and-the-evolution-of-the-all-debt-economy-22e334f8ee3e