I hear this from time to time. Is this common knowledge, or is there some academic literature that reviews?

The top 10% of individuals own a record 89% percent of all the stocks [1]. Using never before seen measures to support the US bond market and at one stage buy individual corporate bonds has created a market in which participants believe they will always be back stopped by the Fed. Hell they are still doing 60 billion of monthly bond purchases (extreme monetary policy) [2] when inflation is printing multi decade highs. I have seen it quoted that in order to repair the Fed balance sheet by "running off" their purchases it will take them close to 30 years of continued "tightening". This is the new normal for centrally planned economic policy in the US, socialising losses to the government balance sheet. [1] https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-... [2] https://www.cnbc.com/2021/12/15/fed-will-aggressively-dial-b...