Chronicles Of Depression 2.0: #329: Mania
Moments later CNN revised that from “its biggest” point gain to “a record.”
I’ve held off on Doom posts today because I wanted that tweet first.
Let’s see …
1) Do we still have a Class-A pre-disaster worldwide financial pit? Yes.
2) Do we still have consumer spending down? Yes.
3) Do we still have banks in danger of collapse? Yes.
4) Are Xmas sales still in danger of being the worst ever? Yes.
So this run-up is nothing but … bullshit.
It’s the kind of Greater Fool mania Wall Street specializes in.
The only thing it means is that even after staring starkly into the blackness of the abyss, none of the parties involved have learned a thing or intend to change their ways.
CNBC has been exuberant for the past hour (the only hour I’ve watched today). All the bully-bulls are out in force, mocking predictions of Depression 2.0.
Names should be taken.