Bubble Watching With A Blind Man
On Wednesday afternoon, during a virtual Q&A with reporters, Jerome Powell made a somewhat dubious claim about the purported absence of bubbles in the post-financial crisis years.
Not being one to revel in cheap shots at technocrats, I almost left it alone -- almost.
This time, my reluctance to engage in clichéd Fed bubble humor was overwhelmed by the glaring juxtaposition between Powell's claim that the last expansion (the longest in US history) was "notable for the lack of the emergen
Great last paragraph. You have a knack for closing with fantastic paragraphs.
Yeah, this disaster has been centered on the social costs of Fed policy. Bubbles of other proportions they are but nonetheless bubbles that end in heart ache, as we have been witnessing.