He says he didn’t see the housing bubble emerging 7 years ago and that regardless the bubble wasn’t his fault anyway.
Now Greenspan doesn’t see a bubble in stocks. Valuations are increasingly out of whack. The Fed has held rates at 0% for a half decade, but there’s no bubble.
When the man who couldn’t recognize a stock market bubble says this, watch out.
Now everybody has to buy their product. One way or another. If someone doesn’t they are fined by the IRS. That is a pretty sweet deal for the insurance companies.
But we are told how Obamacare is a “progressive reform.” How finally everyone can get healthcare. How the President “stood up” to the insurance companies and pharmaceutical companies.
Nonsense. Barrack Obama is the largest enabler of the big 5 health insurance companies there has ever been, by a long shot.
“My administration is the only thing between you and the pitchforks.” – Barrack Obama March 27, 2009
The president was speaking to the heads of America’s largest banks in the White House shortly after his election. At this extraordinary meeting, Obama and his administration made it very clear that the big banks would play ball or have problems.
The CEOs of the big banks genuflected, as was wise. Jamie Dimon, Ken Lewis, and others knew what was expected of them. The play for these men was to roll over, which they did. And to write checks to Democrats, which they did.
They had already written big checks to Obama in the 2008 campaign. Wall Street piled onto the Obama bandwagon when things began to look obvious. Goldman Sachs employees for instance were Obama’s largest contributor after the University of California system. JP Morgan and Citi were not far behind.
They all got protection from the “pitchforks,” courtesy of President Obama. In particular, they got protection from legal actions connected to the Crash.
The answer I believe is, yes, absolutely. Frankly I think that some people in Washington were hoping for a crash before now.That they haven’t gotten one has lead to significant consternation.
Looks like David took the summer off, but he’s still mad as hell.
Ben told us today that he’s not ready to stop rocking the QE just yet. The stock market celebrated. More manna from the Fed! Hurrah!
Now sing it with me – “Ain’t no party like a Bernanke party, ’cause a Bernanke party don’t stop!”
Ah yes it’s good to drink from the punch bowl.
QE has soothed the animal spirits and the beasts on the Street have come to believe that they need it to survive. (At least the bulls feel this way.) It is both sedative and stimulant, and it is highly addictive. Dr. Feelgood aka Ben Bernanke has kept the supply ready but people are worried that the free money days might be coming to a close. Every time the Street thinks their laudanum is about to be taken away it throws a fit. We are in an addict’s trap.
What is under the stock market? Is the market reflecting an economy which is fundamentally strong?