I just got back from an economic summit in Wyoming where I spent some time with Paul McCulley.  He is an economist and former managing director at PIMCO.   

 

He is the guy that coined the terms "Minsky moment" and "shadow banking system". 

Recently, he put together this explanatory cartoon about the relationship between Trump & The Fed.

Truth, Humor, and a Unique Perspective … Worth a watch.

 

 

Ultimately, he is fairly bullish … but cautious.  He says: "After eight good years on Wall Street, it's bound to end soon.  Don't be greedy."