It’s bubblicious! What could possible go wrong with record amounts of margin debt and a zooming up stock market? Surely this time really will be different and the bubble won’t explode.
April’s margin debt in America now stands at an all-time record of $384 billion. Forget the summer of 2007, sub-prime mortgages are but a forgotten and distant memory. We are here. We made it. This is the biggest casino ever built!
This isn’t Vegas. This is not Macau. Those are both small arcades by comparison. Open your eyes. We are in the really big show now. We have finally built the “Casino at the End of the Universe.”
And our national debt now stands at 7 times 2012 federal revenues and 108% of 2012 GDP. Yes, our government now owes more than the entire country produced last year.
But we’re exceptionally Exceptional thus everyone else will keep buying our debt… until they don’t.