I have to be honest, I have never seen anything like this. Even at 2000 dot.com bubble top. I don't recall Alan Greenspan or Bill Clinton going on national TV and pumping up the stock market and/or the economy. If anything, you have to give Alan Greenspan credit for his "Irrational Exuberance" statement.
How have times changed.
I won't talk about historically overbought technical conditions in the market as we do it every day. Instead, this chart speaks for itself. The S&P finds itself at the highest valuation level in its history if we make a slight adjustment for lack of tech earnings in 2000.
So, it shouldn't come as a shocker that our so called leaders are as bullish as they have ever been.
Speaking during a Q&A event with British Academy President Lord Nicholas Stern in London, Yellen on Tuesday highlighted positive results from the Fed's recent "stress test" reviews of America's big banks, and said she doesn't believe another financial crisis will occur "in our lifetimes."
"Would I say there will never, ever be another financial crisis? ... Probably that would be going too far. But I do think we're much safer, and I hope that it will not be in our lifetimes, and I don't believe it will be," Yellen said.
Not to be outdone our Great Leader President Trump had this to say.....
"Today we stand on the verge of a new economic miracle. Our economy has already surged to 3 percent growth … We've created 2.2 million jobs since the [2016 presidential] election; unemployment is at a 17-year low," he said.
Fair enough, but there is one big problem.
Economic miracles don't start when your debt is $20 Trillion, when the government is running a massive deficit, when only the corporations/rich benefit from your tax cuts, when the FED is printing money and the stock market is in a bubble of historic proportions.
No, Sir, economic miracles start from the bottom. Not with the last hurray of free money that will be used for stock buybacks in an attempt to keep the party going a little bit longer.
Long story short, I have never in my life have seen such bullish sentiment from the people who shouldn't have an opinion. At the very least, they shouldn't be pumping this financial mess up. Mark my words, this will come back to destroy them.
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