profits for Wall Street investment banks. In June 2020, Jim Grant likened Powell's policy to drug dealing, calling him "the Fed's Dr. Feelgood." In a September 2020 testimony, Powell said: "Our actions were in no way an attempt to relieve pain on Wall Street". By the end of 2020, Wall Street investment banks recorded their best year in history, and Bloomberg called 2020, ".. a great year for Wall Street, but a bear market for Humans". Mohamed A. El-Erian called Powell "a follower, not a leader", of markets. Powell defended his actions saying: "I don't know that the connection between asset purchases and financial stability is a particularly tight one", and that he wasn't worried that the Fed's actions were creating asset bubbles. In July 2020, CNBC host Jim Cramer said, "I'm sick and tired of hearing that we're in a bubble, that Powell's overinflating the price of stocks by printing money to keep the economy moving". The Washington Post called the Fed "addicted to propping up markets, even when there is no need". In August 2020, investors Leon Cooperman and Seth Klarman warned of a dangerous "speculative bubble", with market psychology "unhinged from market fundamentals". In August 2020, Bloomberg News called Powell's policy "exuberantly asymmetric" (echoing Alan Greenspan's "irrational exuberance" quote from 1996), and that the "Powell Put" had become more extreme than the "Greenspan Put". Steven Pearlstein in The Washington Post said that Powell had "adopted a strategy that works like a one-way ratchet, providing a floor for stock and bond prices but never a ceiling", and that any attempt by Powell to abandon this strategy "will trigger a sharp sell-off by investors who have become addicted to monetary stimulus". By December 2020, Powell's monetary policy, measured by the Goldman Sachs US Financial Conditions Index (GSFCI), was the loosest in the history of the GSFCI (goes back to 1987), and had created simultaneous asset bubbles across most of the major asset classes in the United States: For example, in equities, in housing, and in bonds. Cryptocurrencies also saw dramatic increases in price during 2020, leading Powell to win the 2020 Forbes Person Of The Year In Crypto. The asset price boom during the pandemic attracted a generation of young investors who explicitly credited Powell for promoting froth in financial markets. Gathering in online communities like Reddit's r/wallstreetbets board, they discussed high-risk trades and shared memes that depicted "J-Pow"