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Bill Fleckenstein: A great pretender of a rally
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This Link is located in the Public Channel Housing Bubble and Bear Links.
Posted by ian 1 year 261 days ago (articles.moneycentral.msn.com). Views: 88
Tags: housing bubble wall street |
| Related Tags: finance economics business stocks video forbes bailout peter schiff |
Wall Street is riding high on collective fantasies: That key insurers are in fine shape, bad economic news doesn't count, the dollar isn't in trouble and more risky mortgages will fix the mess.
Capitalists pray for socialism
In any case, the determination to suppress the destructive downside of capitalism and ensure permanent prosperity is a terrible idea that will not work. Permanent prosperity, after all, is what socialism was supposed to be about, and we've all learned that theory doesn't work. I continue to find it a sad irony that Wall Street -- the alleged bastion of capitalism -- would cling so dearly to the hope of socialism.
That's exactly what the Fed is all about. Its central planners think they can pick the right interest rate with which to run the world, even as the evidence indicates that their efforts over the last 20 years have produced two epic bubbles. This story would strike any sane person as the stuff of nightmare. Sadly, it's our waking reality.
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