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There was neither the time nor the desire for an exhaustive analysis, but it didn’t take long to turn up the chart below from the Fed’s Survey of Consumer Finances that seems to contradict the conclusion of former Minneapolis Fed President Narayana Kocherlakota (from this Bloomberg story) that, from 2010 to 2013 “the rich didn’t fare particularly well” .

I guess it just depends on how rich you are and, just speculating here, but it’s likely that the top curve above would show an even bigger divergence from the others the more you separate the richest of the top 10 percent from the rest of that group.

Interregnum Cometh

Mark Hulbert over at Marketwatch correctly points out that heightened uncertainty associated with quadrennial presidential elections isn’t a real good thing for equity markets as equity markets famously hate uncertainty in any form.

The elections of 2000 and 2008 weren’t particularly good for stocks, though it took some time for the turn-of-the-century market rout to fully develop. The more interesting example of the deleterious effect of interregnums is that of 1932, that is, when FDR took over after Hoover and, between the election results and the new administration taking charge, the financial world almost came to an end.

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Yellen and Global Uncertainty

Federal Reserve Chair Janet Yellen appears to have said everything that folks on Wall Street were wanting to hear yesterday as she basically green-lighted a little more asset price inflation at the cost of lower interest rates for just a little bit longer.

Like previous Fed chairs Bernanke and Greenspan, “too low for too long” is not really much of a concern. See also:

CNBC reports that the Janet Yellen Fed has a “mini-revolt” brewing with a total of four Open Market Committee members favoring a more hawkish approach to monetary policy.

Of course, financial markets will have the last say on whether short-term interest rates are raised from their current freakishly low levels and, if so, how fast.

Markets seem to be giving the Fed the go-ahead at the moment, but, as we’ve seen over the last year or so, that could change rather quickly.

Haven’t heard from Investment Biker Jim Rogers in quite a while and, in this interview with CNNMoney’s Nina dos Santos the other day, he’s looking a bit jowly, but he still makes a good deal of sense in his assessment of the world’s central bankers.

Highlights include:

We’re all going to pay a horrible price for the incompetence of these central bankers. We got a bunch of academics who don’t have a clue what they’re doing … This is going to be a disaster in the end and you should be very worried and you should be prepared.

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