...we have 1 in 6 Americans either under or unemployed and another 1 in 7 who live in poverty and somehow we have a legion of economists and strategists who see what we are in some typical recession-recovery cycle on our hands. ...
Reminds us of how everyone was saying back in 2006 not to worry too much about housing risks because national home prices have never declined before on a year-over-year basis...of how we shouldn’t worry about recession risks in 2007 because the Fed never did tighten rates sufficiently to really invert the yield curve ... And then, through 2008 all we heard was that history teaches us “not to fight the Fed.” So it’s really encouraging to hear how everyone is back to the “it’s never happened before so don’t worry about it” mentality.
---Rosenberg
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