Bubbly news, the Dow is over 9000, NASDAQ is up, stocks trading above 200 day running averages, unemployment is up, foreclosures are at record highs, earnings reports (ex-Wall Street and accounting games) are negative, commercial mortgage backed securities are teetering on the brink, big banks still loaded with toxic waste, bonus fever is back, lots of Federally funded bailout liquidity sloshing around...etc. etc.
Now some people are openly wondering how this can be possible when history tells us otherwise.
Its simple. There has been yet another magical paradigm shift. Down is up, up is down, jobs and earnings are irrelevant!
Guess what. The same people who wanted you to believe the internet, globalization, securitization, unlimited real estate demand and derivatives have changed the laws of finance want you to believe we are in a new Bull Market. Come on in folks, Join the fun!
You know something ain't right. It's time to start thinking short folks. We are in a new Bull Shit market.
Last Summer the fuses were burning at Lehman, Merrill, CITI, Goldman Sachs and AIG.
This Summer the fuses are burning. Fool me once shame on you. Fool me twice, shame on me.
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