Taking money out of retirement funds to purchase cards

[GeoPoto]

If you are assuming the painful monetary measures taken and forecast to be taken by the Federal Reserve are adequate to eliminate inflation's ability to kill stock and bond market returns, I would caution you to be careful. Inflation will not be mastered until the monetary discipline is coupled with fiscal reforms that will be much more painful and difficult to implement. This was true in 1970, and today's political environment is much more hostile to painful fiscal prescriptions than was the one that existed then. You should expect that recovering control over inflation will become a protracted process that could destroy stock market returns for a decade or more. I hope I am wrong, but as a survivor of the 1970's, that will come as a pleasant surprise.