Rising on Nothing but Air
"To the moon, Alice!" is how Jackie Gleason would have said it. For all I know he was referring to these markets, which simply keep squeezing higher on absolutely nothing but air. It kind of reminds me of another Hollywood quote which seems befitting: "Mama says, 'Stupid is as stupid does.'" So when a market does stupid things does, that make it smart or does it remain stupid? If you join in, exactly what does that make you?
Seriously, this is getting a bit ridiculous, but for any of us looking at these markets and saying, "Come on, get real," this stretch is like many others we have seen in the Bernanke years. The latest of episode of the Fed's reach is now playing out in Europe. The early-December Fed dollar swap, combined with the European Central Bank's unlimited three-year loan program at reduced rates, has drawn a deadly bead on the two wounded and flapping birds of Europe. I'm referring to bankrupt financials and worthless sovereign debt. There's nothing quite like the two-birds-with-one-stone approach....788 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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