By James Saft
(Reuters) – Two groups with particular reason to be grateful about the Federal Reserve’s never-never taper are the people at Blackstone and Pinterest.
Blackstone, with its pioneering and soon to be AAA-rated securitization of single-family house rents, and Pinterest, which is valued at $3.8 billion and has no reported revenues (zero, nada, niente), both could serve as poster children for extraordinary monetary policy.
Each, in its own special way, is the beneficiary of the loose conditions which the Federal Reserve sees fit to maintain.
Each too, provides a convenient barometer by which we can observe the effects of Fed policy made manifest in financial markets.
In short, this is the kind of stuff that often happens when you have a bubble, but sometimes when you do not.