The psychosis of this market has reached new heights. It’s just astonishing to me. For four years now, we have eased ourselves into the warm bathtub of central planning and multi-trillion dollar make-the-rich-richer intervention. Everyone has grown so accustomed to it that it seems totally normal now.
This weekend has launched a new level of the bull-ghey, as we have our second example this month of the market rallying not on something that happened, but on something that didn’t. I did a post on September 3 commenting on how our not bombing Syria was the reason for the market’s rally. Today most equity indexes made their highest levels in the entirety of human history based on one flatullent, fatuous man not throwing his hat (I thought of something funnier, but it would be politically incorrect) into the ring for the Fed chairmanship. (more…)