If you haven’t already figured this one out, now you can say you heard it here first: we are witnessing a classic stock market bubble…and it is getting ready to burst.
The reasons are simple:
moral hazard resulting from Obama’s refusal to prosecute financial criminals;
the heedless printing of money by the Fed for transfer not to the people but to Wall St. casinos;
a rapidly rising stock market in the absence of rising production;
the failure to implement a clear, enforceable set of anti-fraud regulations to hinder a repeat of 2008.
P.S. The separate but equal European financial cancer seeping north from Greece and Cyprus and Italy and Spain will not make matters any better.