Stock prices climbed Thursday and again Friday, right after the Fed raised interest rates, and not because corporate earnings are killing it, inflation has been put to rest, or the economic forecas…
Stock prices climbed Thursday and again Friday, right, and not because corporate earnings are killing it, inflation has been put to rest, or the economic forecast is so bright.
That’s right. The modern-day stock market is an addict — and like an addict, it can’t be trusted. It will lead you astray with false promises. Steal from you to feed its habit, feign health and strength when it has neither. More than anything else, it needs help — a treatment center, if you will, that removes its addiction to free money and allows prices to reflect the real condition of the US economy and forecasted corporate profits.
, or SVB, then nearly simultaneously Signature Bank that succumbed to the cold turkey. There will be others, as many as two dozen, I am told. All have balance sheets remarkably similar to SVB and Signature. If things continue to go south, they are ready to fold, too, guaranteeing a steep recession.
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