From our perspective, the current Fed cycle - because of ZIRP and QE - is nothing like the previous 15 tightening periods since the post-war period began. Moreover, the underlying market psychology (as we described in previous notes (see Here & Here) - which tends to wag the dog, rhymes closely with today and a participant community, who a.) believes the market absolutely needs the Fed b.) sees an economy only a few stumbles away from armageddon.
In keeping with the spirit of the times and another lively chapter of Game of Thrones: