Zerohedge:

Once more, an “insider” from The Fed exposes the reality of an academic ivory tower clueless of the real financial markets. Former adviser to Dallas Fed’s Dick Fisher, Danielle DiMartino Booth speaking in a CNBC interview slams The Fed for “allowing the [market] tail to wag the [monetary policy] dog,” warning that “The Fed’s credibility itself is at stake… they have backed themselves into a very tight corner… the tightest ever.” As she writes in her first Op-Ed, “The hope today is that the current era of easy monetary policy will have no deep economic ramifications. Such thinking, though, may prove to be naive… All retirees’ security is thus at risk when the massive overvaluation in fixed income and equity markets eventually rights itself.”