Grant thinks the Fed minutes today which turned the stock market lower contained zero pieces of useful information.
Moreover, Grant can't believe that the thoughts or "guesswork" of the Fed is that important for investors that it can move a market so significantly.
Grant refers to Great Northern Iron (GNI) which is an income trust that has stated it is going out of business in 2015, yet investors are chasing it for the current yield of 13%. It is an investment guaranteed to lose money.
During the interview Grant poses the question "what happened to capitalism" as he ponders why the Ph,D.s at the Fed should be allowed to manipulate things rather than letting the market figure things out.