Book notes: Daniel Gross on the many compromises in the founding of the Fed in Roger Lowenstein’s America’s Bank The Epic Struggle to Create the Federal Reserve.  (Washington Post)

Quote of the Day

"Everyone knows bubbles exist. We know tech stocks in 2000 and housing in 2006 were utter swamps of irrationality. But that's hindsight. And hindsight can be a jerk."

(Morgan Housel)

Chart of the Day

S&P 500 valuations are back to August levels.