What Happens When Underfunded Pension Funds And Others Can No Longer Depend On A Rising Stock Market?

      The more the stock market becomes divorced from reality, the greater the risk when the irrational exuberance ends. As the federal reserve agonizes over long overdue small interest rate increases, do they feel responsible for the bubble they have helped create? If and when the market turns, and pension funds and others experience painful losses, what happens then?