There is a growing meme, that the only reason that the Stock Market is this high, is that the Federal Reserve keeps pumping dollars into the financial system. That's it this unrelenting supply of money and credit that propels Wall Street.

Now there's a lot to be said for this. Certainly, the current monetary policy of the Fed has helped Wall Street most of all. The big investment banks and Hedge Funds have been the principal beneficiaries of this expansive policy.