If you think the dreamers on both ends of the Acela Corridor have a clue about what they are doing, you haven’t encountered the sage advice of Yogi Berra. Said the oracle of the Bronx Bombers:
“You’ve got to be very careful if you don’t know where you are going because you might not get there”.
Needless to say, that puts us in mind of the chart on business cycle duration that we presented yesterday. Both Washington and Wall Street are discounting a place they will never get to—-namely, the nirvana of permanent full employment, world without end.
Well, at least 232 continuous months of economic bliss, which would be double the longest expansion on record (119 months during the more propitious circumstances of the 1990s) and nearly 4X the average 61 month business expansion since 1950.