Greenspan and Bernanke have taken a hands-off approach for two consecutive great bubbles, first in TMT — telecommunications, media and technology — and second, in housing. A hands-off approach is a polite way of saying they facilitated this.
And what is the point of a 125-basis-point rate reduction, other than to provide reinforcement for the people who borrow short and lend long? From bankers who have committed every crime you could possibly accuse a banker of, to hedge funds who borrow short, leverage, and invest long in the stock market — that’s who really benefits from the interest-rate reduction. The economy, broadly defined, does not.
— Jeremy Grantham, Chief Investment Strategist, GMO
Politics in the Zeros
"A republic, if you can keep it." Defeat MAGA
Politics in the Zeros
"A republic, if you can keep it." Defeat MAGA