Plunge Protection Team doing everything they can to make this orderly as possible but we are witnessing a truly historic day, one that will be talked about for generations. This a great day for capitalism and a total repudiation of the socialist central planners. I imagine Bernanke's speaking fees took a major hit today as well. S&P true value is around 666, or SPY 66.
Of course the market will crash hard, back and beyond the 2009 lows. The last 4 years of "capital appreciation" were due primarily to asset inflation from QE and engineered earnings increases via corporate stock buy-backs in the face of declining revenues, courtesy of ZIRP. These ill-advised quick fix policies, putatively designed to stimulate the economy but actually nothing more than tax-payer paid bailouts to the banks, have resulted in massive capital misallocation and the impending end to global dollar hegemony. Keep dreaming and buying paper assets while the elite snap up anything and everything of tangible worth as they scurry away to their redoubts in New Zealand and elsewhere. The ruse is up, the FED has no more tricks; the choices are a market crash and dollar reset, or runaway hyperinflation, one presumably controllable, the other totally unpredictable. I suppose more QE would be a third choice, but that is just postponement of the inevitable. If money-printing led to prosperity it would be done all the time, but in reality fiat money is nothing but a con game, and flagrant money printing destroys confidence. BTW, did krugman actually win a Noble prize?