Now, it is the turn of that other, just as legendary hedge fund manager, Paul "Commodore" Singer, to take what is an increasingly contrarian position in a field of "experts" filled with momentum-chasers, Fed apologists, and those who are convinced the world owes them a free lunch, and once again tell the full truth about the Federal Reserve and its utterly clueless, real world reject, chairman.

The Fed, Lost In The Wilderness, by Paul Singer

[T]he financial system (including the institutions themselves, products traded, and risks taken) has “gotten away from” the Fed’s ability to comprehend. The Fed is primarily responsible for that state of affairs, and it is out of its depth. Former Chairman Greenspan created – and reveled in – a cult of personality centered on himself, and in the process created a tremendous and growing moral hazard.