That’s some unhinged rant. The rantings of a complete madman who has just eaten a pile of Ayn Rand books.
Funnily enough, you neglect to mention that in your rare less unhinged moments, you’ve been in full agreement with me that the US economy is a bubble.
Again, I hate to make you look like a fool but you thoroughly deserve it.
It is obvious to anyone with a functioning brain that speculative bubbles always burst. The problem is the steady stream of horseshit being fed by those that benefit most from the mania, in this case the banks, financial media, property agents, developers, politicians, everyone with skin in the game to keep the party going as long as possible. During the height of the property bubble in the US, the “this time its different” mantra was just as loud as it was in 1999 before the tech crash of 2000. That’s a very intense barrage of biased opinion that dwarfs any number of smart Leaving Cert students. Most people were actually convinced that property values could never go down again, including those that should have known better. Greed is a terrible vice.
Great example of central bank bullshit today. After 8 years of policies which have driven asset prices to bubble levels, creating enormous (paper) wealth for the most wealthy, two of the cunts (Williams and Fischer) came out today trying to jawbone markets down. As always, the ones who will get crushed are the retail investors who get in during the final blow off top phase.
This is the mother and father of all bubbles, only 1929 comes close. 2000 was essentially only Internet stocks that were at silly levels, it’s every sector now. We’ve had 6 consequetive quarters of declining earnings, never before in history has that not led to a market crash. “This time is different” is only true until it isn’t.
Markets are already terrified, the Dow is down 1,500 points since Powell started speaking on Wednesday. Although there’s plenty to be worried about, the actions of the Fed are top of the list, not just raising interest rates but unloading their balance sheet. Much of the liquidity in the market since 2015 has been due to QE.
The Fed are repeating the same mistakes they have made throughout their history, blowing asset bubbles by keeping interest rates at or near zero for years, and then waiting far too long to normalize rates and normalizing them at exactly the wrong time. .