Why The Dotcom Bust Was A Mere Warm-Up For The Carnage Ahead

After the stock market’s rip higher yesterday on no valid basis whatsoever, Michael Every of Rabobank summarized Wall Street’s fantasyland about as well as can be done.

No matter that vectors of trouble and accumulated historic excesses are coming from every direction, the stock market’s only direction is to buy-the-dip on the belief that the omnipotent central banks will never allow the stock averages to seriously correct. Thus, in response to yesterday’s various news bits he noted that the stock market always reacted in the same manner—higher,