Washington''s dangerous kick-the-can policy cannot even unsettle the David Tepper Liquidity Argument. Nevertheless, expansive money printing is not a new theme, and unanimity of opinion often illuminates a dangerous path. In fact, as described in today's opening missive, easy money has been in force in the U.S. for more than four years. I will guarantee you this will end badly (and there will be many more Coaches ( COH)) -- I simply don't know from what levels. (Already bullish investor sentiment is approaching dangerous levels.) For now, everyone is gettin' fat 'cept Papa Kass. And I will also guarantee all of you that I will not chase prices higher and that the current state is not a permanent market condition. At the time of publication, Kass had no positions in stocks mentioned.