We were quite amused at recent comments by Fed Governor Lockhart regarding a shift in Fed policy occurring when ” They can see the whites of their eyes”. This comment would be funny if not for the fact that markets have gone “all in” on the accuracy of Fed policy. Not only has Fed policy exacerbated the amplitudes of what used to be called the normal business cycle, they have sought to rewrite history by emphasizing their forecasting acumen when clearly none exists. The prize for the appearance of perceptiveness has to go to Mario Draghi, who is able to make similar bold predictions within the context of a Central Bank policy that simply has to make promises to successfully achieve their policy goals (whatever it takes… ad infinitum). I know that we are walking a fine line here when we rehash the same point over and over, but history and markets ( in our opinion) will ultimately prove that such professed tea reading skills are completely without merit.