Pat . . . pat . . . pat . . .

That’s the sound of me patting myself on the back. Tuesday, the Fed changed their position, saying the economy was weaker than they earlier expected and that it could take 5-6 years for the economy to fully recover. Long time readers know I have been expecting a Nike Swoosh type of recovery, not V-shaped, nor W-shaped, but a long, hard slog back to recovery, primarily because it takes a long time to de-leverage. Glad to see the Fed with their acres of economists finally caught up! OK, I apologize and promise not to gloat anymore. But, it did make my whole day . . .