Besides the fact that the deficit for fiscal 2013 will still be about $500 billion higher than it was before the Great Recession began at the end of 2007, markets have two other reasons to fear the cessation of quantitative easing.
The new Rich List is out -- yet another example of financial pornography. While nearly 15 million Americans still can't find jobs due to the Wall Street-created crash, the top hedge manager, David Tepper, earned $1,057,692 an HOUR in 2012.
David Tepper didn't plan any of it. The universe pushed and pulled him in different directions until he found himself sitting behind the check-out desk at Nook n' Crannie, the second-hand shop that gives alcoholics and addicts a second chance.
The time may come when the American people demand a modicum of financial justice and economic sanity. This would require something far beyond the current financial reform, which is basically a gift to Wall Street and hedge funds.