Specifically, how much further can the leverage-based game go when it comes to asset markets, given the already-evident impact on consumer prices, the wildly-widening gap between earnings and cost for ordinary Americans, and what is actually powering it irrespective of which party is in power -- deficit spending wildly beyond that of short-term interest rates?
Every central banker and policymaker has said "that's unsustainable" for the last 20+ years. All the way back to Greenspan this has been stated in each and every semi-annual appearance before Congress. Yet The Fed, despite being empowered to do something about that, has not -- which leads plenty of people to blame them.
That's wrong, incidentally -- The Fed's "mandate" and oversight, indeed their very existence, flows from Congress, not the other way around. That is, it is specifically Congress that led to this in the post-2008 era and which has not only suborned but demanded this set of policies since.