{"id":25841,"date":"2017-09-19T16:58:32","date_gmt":"2017-09-19T21:58:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25841"},"modified":"2017-09-19T16:58:32","modified_gmt":"2017-09-19T21:58:32","slug":"bubble-fortunes","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25841","title":{"rendered":"Bubble Fortunes"},"content":{"rendered":"
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Bubble Fortunes<\/a><\/span>\u00a0<\/span><\/h3>\n<\/div>\n<\/header>\n
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\nWynn Bullock Child on a Forest Road <\/b>1958<\/center> <\/p>\n

A few days ago, former Reagan Budget Director and -apparently- permabear (aka perennial bear) David Stockman did an interview (see below) with Stuart Varney at Fox -a permabull?!-, who started off with \u2018the stock rally goes on\u2019 despite a London terror attack and the North Korea missile situation. His first statement to Stockman was something in the vein of \u201cif I had listened to you at any time after the past 2-3 years, I\u2019d have lost a fortune..\u201d Stockman shot back with (paraphrased): \u201cif you\u2019d have listened to me in 2000, 2004, you\u2019d have dodged a bullet\u201d, and at some point later \u201cget out of bonds, get out of stocks, it\u2019s a dangerous casino.\u201d Familiar territory for most of you.<\/p>\n

I happen to think Stockman is right, and if anything, he doesn\u2019t go far enough, strong enough. What that makes me I don\u2019t know, what\u2019s deeper and longer than perennial or perma? But it\u2019s Varney\u2019s assumption that he would have lost a fortune that triggered me this time around. Because it\u2019s an assumption built on an assumption, and pretty soon it\u2019s assumptions all the way down.<\/p>\n

First, that fortune is not real, unless and until he sells the stocks and bonds he made it with. If he has, that would indicate that he doesn\u2019t believe in the market anymore, which is not very likely for a permabull to do. So Varney probably still has his paper \u2018fortune\u2019. I\u2019m using him as an example, of course, of all the permabulls and others who hold such paper.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bubble Fortunes\u00a0 Wynn Bullock Child on a Forest Road 1958  A few days ago, former Reagan Budget Director and -apparently- permabear (aka perennial bear) David Stockman did an interview (see below) with Stuart Varney at Fox -a permabull?!-, who started off with \u2018the stock rally goes on\u2019 despite a London terror attack and the North […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[39,10289,124,173,481,16062,2533,661,13924,16063,8728,5177],"class_list":["post-25841","post","type-post","status-publish","format-standard","hentry","category-economics","tag-assets","tag-bulls","tag-central-banks","tag-crash","tag-leverage","tag-permabear","tag-price-discovery","tag-qe","tag-raul-ilargi-meijer","tag-stockman","tag-tapering","tag-the-automatic-earth"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25841"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25841\/revisions"}],"predecessor-version":[{"id":25842,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25841\/revisions\/25842"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}