Each day the S&P 500 makes new all time highs, and everywhere you look are smart people telling you how bad things are because of the Fed. Danielle DiMartino Booth, Ben Hunt of Epsilon Theory, Bill Gross and John Hussman all have incredible insight into why things could go wrong but don’t. Everyone of them is intelligent. Everyone of them is seemingly upset with the Fed for unleashing ZIRP on the world. But the problem is the consequences are invisible and if they result in SPX making new highs on a daily basis, no one really cares or believes the Fed has done anything wrong. All the dire warnings are cast as “fear mongering” which we know is a habit only miserable bears engage in while the bulls laugh all the way to the bank…