Clinging to an emergency policy after the emergency has passed

Fed policy has enabled financial-market excesses. 

Today’s high stock-market valuations, the crypto craze, and the frenzy over special-purpose acquisition companies, or SPACs, are just a few examples of the response to the Fed’s aggressive policies

Christian Broda and Stanley Druckenmiller WSJ May 10, 2021

https://www.wsj.com/articles/the-fed-is-playing-with-fire-11620684980

SPACs, also known as blank-check companies, have issued roughly $100 billion of stock this year, a record, to buy private companies and take them public. 

https://englundmacro.blogspot.com/2021/04/wesc-fortsatter-rusa-nu-vart-kring.html