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.

Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.

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