“It has been just too great a strategy to call the bluff of those advising caution.”
This should be all kinds of amusing.
But hey, this should be fine, right?
After all, she’s got a habit of hanging out with and implicitly taunting bears…
“But two things are absolutely clear about the “why” of this $15 trillion calamity. To wit, it was not caused by some mysterious loss of capitalist enterprise and energy on America’s main street economy since 1975. Nor was it caused—contrary to the Donald’s simple-minded blather—by bad trade deals and stupid people at the USTR and Commerce Department.”
What happens to the zombies (so to speak)?
To be clear, you don’t ever want to count out the dip-buyers. But…
“The younger of the anchors (age 32) thought the $1.8 trillion was not a problem because the soaring debt and the Fed’s balance sheet shrinkage plan have been well telegraphed and will shock no one. Yes, and as we were tempted to reply, parking on a rail crossing and knowing that a freight train is barreling down the tracks is not likely to forestall the carnage.”
“To wit, there never would have been a double inverse VIX ETF under a regime of honest money and free market financial discipline; nor would you find European junk bond yields trading inside of US treasuries.”
I think people might be missing some of the nuance inherent in what’s happened to markets this month.
“This time is different.”
The bottom line: for credit investors, the risk of central banks becoming more hawkish is now a two-headed beast.
“As I struggle to find the words to communicate my thoughts, I worry they will be misconstrued. Yet I don’t know how else to say it – except to blurt it out. So at the risk of being labeled a fool, here it goes – it’s different this time.”
It may be time to question your religion.
“Last week’s twin 1,000 point plunges on the Dow were not errors.”