Stocks are being revalued - reinflated - by all the money juicing through the investment world, which is totally distinct from the ordinary working man's economy. There is no idea at all that Powell's Fed will choke off inflation Volcker-style. If there were, the markets would be half what they are now. No, it's clear the Fed, unlike the Volcker-era Fed, has no arrows in its quiver. They will just raise rates and see what happens. A year from now they'll be touting their success because inflation is down to 6.5%, and they'll be easing again to create jobs and support markets.

Hedge funds and private equity run our economy. Publicly traded equities are so passe. Only a sucker would hitch their wagon to investments highly regulated by the SEC - which is why that is the total array of investment options available to working people - 401K and what index fund would you like?

The other part is the robber barons who sold just before Ukraine was invaded and sanctions seemed destined to cause a steep rise in oil prices. They've decided the market has fallen about as much as it was going to since oil prices have started to decline, so it's time to pump again, the dump coming next fall when energy prices go up again.

The SEC has been turned into a paper tiger by Republicans.

What is desperately needed is a transaction tax. We also desperately need a way to cut these ridiculous personal fortunes down to size, wealthy men always managing to be the enemies of democracy since they think money confers superior wisdom.

Some wages will rise in a tight labor market. We need Federal help to make sure all of them rise.

And some day we might even see a return to the progressive income tax.

"We also desperately need a way to cut these ridiculous personal fortunes down to size, wealthy men always managing to be the enemies of democracy since they think money confers superior wisdom. "

No effing sh*t.