In short, assets have been plumping even as incomes remain flat, household and public debt rises in a scary way. There are more billionaires than every before, largely because the assets controlled are swelling in market value. “If the Fed continues to cut rates as the market anticipates,” he warns, “we could be in store for a melt-up in risk assets.” Mr. Risk assets would likely welcome firmer growth, driving prices ever higher and credit spreads ever tighter. Thanks for your continuing generous advice on things financial and otherwise and being objectively critical and accepting of all things political.