QE Is Like Financial Heroin

A quote from Don Coxe via Zerohedge:

If Ben the Heroin Hero stops the infusions in time, he will deserve to be mentioned in the same breath as Paul Volcker—a real hero….
Because he will have done the brave thing—at the risk of the loss of his job and of the Fed’s independence.
Already the Pelosi Congress is considering legislation that would (1) subject Fed monetary policies to review by the Congressional Budget Office, and (2) strip the Fed of its supervisory authority over financial institutions, handing that power to a new agency created by Congress—presumably in the image of its Creator. The same politicians who applauded so vigorously as Fannie and Freddie debased the lending requirements for mortgages and expanded their balance sheets so recklessly, now seek to apply that expertise to supervision of the entire banking system.

 The embedded document on the Zerohedge link, "Basic Points - Financial Heroin" is well worth the read particularly in light of the recent nomination of Janet Yellen to Fed Chief.

Since Yellen is so dovish, it is doubtful she will have the fortitude to engage in any meaningful amount of bond tapering.  Thus the near zero interest heroin addicted stock market will stay on the drug even longer than expected.

So the real question is this:

When will the bond market vigilantes show up and take the punch bowl away through higher bond yields?