The Fed has embraced the ‘punchbowl’ and has no intention of taking it away

The Federal Reserve has come a long way from the days of warning about “irrational exuberance.”

Former Fed Chairman Alan Greenspan famously sent up a flare in December 1996 about stretched asset valuations triggered by wild dotcom speculation that had produced an unbridled bull market.

It took three years for the warning from “The Maestro” to come true, but the statement is still considered a seminal moment in market history where a Fed leader issued such a bold warning that went unheeded.

Flash forward 25 years and the attitude from the Fed is…