In his morning post, David Rosenberg put the current stock market mania in perspective. It seems that in only 0.1% of the time during the last 70 years has the S&P 500 traded at a higher forward PE multiple. In everyday metrics, that’s equal to 4 weeks out of the 3,640 weeks since 1950.
We have been saying this for quite some time, but we do not actually repeat ourselves:
When all else fails, Fake Republicans like Richard Nixon back in the day and Donald Trump today turn to “Law & Order” demagoguery to incite the electorate in their direction.
If the Donald’s claims about the Greatest Economy Ever, shutting down business to save 2.5 million lives and the “V” shaped recovery are wrong-headed and bogus, his campaign promise that the best is yet to come is downright preposterous.
Stevie Mnuchin doesn’t know and Kudlow won’t tell. Still, we wish someone would explain to the Donald that the US economy is not a bungee-jumper and that his ballyhooed “V” isn’t happening anytime soon.
Trump’s retroactive claim that he shutdown the Greatest Economy Ever to save the lives of 2.5 million Americans is hideous hogwash. That number is actually the ballyhooed Imperial College projection of disgraced Gates operative, Neil Ferguson.
To hear the Donald boast it, first he created the greatest economy in the history of the world; then he shut it down to save 2.5 million lives; now it’s rocketing back upward in a powerful “V”; and soon America will be greater than ever before.
The Donald had no more than finished his Sunday afternoon presser touting the FDA’s issuance of an EUA (emergency use authorization) for convalescent plasma treatment of hospitalized Covid-19 patients than CNN and the rest of the MSM mob was screaming to high heaven.
It doesn’t get more unwatchable than the Dems’ three-day identity politics lollapalooza, which otherwise passed for its virtual nominating convention. But after last night, we at least now know the score.
We don’t think Steve Bannon should go to jail just because he and his associates skimmed a little off the top from the freewill offerings of people who were stupid enough to send them money to build the Mexican Wall. The latter were going to get fleeced anyway—-so if you want to make a crime …