Doug Kass' latest piece is a blistering attack on the Fed, which he describes as "a toothless paper tiger."
The Fed, Kass says, is confused. As evidence he reviews the timeline of Fed taper talk in 2013:
On May 22, Humphrey Hawkins questioning Chairman (Ben) Bernanke's "next few meetings" comment stopped the market's bull run, which had previously behaved as if the notion of tapering was so far out not to matter.
Bernanke's post-June 19 press conference led the markets to trade as though tapering were likely to begin in September. The lost 5 percent in four trading days, while the bond market suffered a brutal beating (as 10-year U.S. note yields rose from 2.05 percent to 2.95 percent).