"Even the broader stock market has moved into the gray area beyond rationality, ruled by hype and 'adjusted' earnings and monkeyed accountings, financial engineering, and feverish hopes for central-bank market manipulation. Everyone loves a rigged market, as long as it’s rigged the right way. We’ve come to call it, consensual hallucination."
Wolf Richter
We have a break in the weather, and I do not wish to waste it watching this inconsequential nonsense today.
Without significant financial and political reform there will be no sustainable economic recovery.
Paul Krugman was a guest speaker on Bloomberg television today, and he is a willfully blind, walking, talking poster child for the credibility trap.
Have a pleasant evening.
