Are we finally recovering from the financial shock of 2008 which saw some of America’s major financial institutions collapse and personal lifestyles predicated on home ownership destroyed? It as a crisis that changed corporate, government and investor behavior, but it’s been five years, long enough for things to heal.

Why’s this important? In my opinion, for two reasons. First, this has not been a normal economic recovery. It has been denominated by monetary policy which has ventured into unexplored and untested territory that has yet unknown consequences when it is unwound. Just consider last spring’s bond market reaction to a suggestion of “tapering” by the Federal Reserve.