Kass: My 'Fast Money' Recap

I concluded the segment by saying that what I thought the Fed said yesterday was that, at the present time, the domestic economic recovery was not self-sustaining. That has been my view for a while, and I continue to fear that the Great Recession of 2008-2009 is turning out to be a lifetime sentence of subpar global economic growth. The level of interest rates and monetary policy are not what ail our economy; the problems are structural, political and fiscal. Quantitative easing is progressively losing its influence, and its benefits historically are suspect.

For now, the market is only focused on the phantom benefits of liquidity. My bet is that this changes quickly as Europe deteriorates further -- I would note that the Fed's Bullard was bearish on the EU on "Squawk Box" this morning -- and as Air China crashes.

So, call me maybe on the stock market top. Still.