The money is drying up. Bondholders grapple with the sordid meaning of “junk.”
Despite incessant hype, businesses depict a troubled global economy.
That’s the new thinking about the markets in a crummy global economy where everything is overvalued.
“The next junk-bond implosion.”
The bloodletting will go on until the money dries up.
The middle classes – aka “the voters” – expressed themselves last week. They have been sorely used and they know it.
“Hey… you want a wealth effect? I’ll give you a wealth effect!”
“The biggest wealth transfer from retail investors to professional investors in history.”
“Not the Fed’s job to rescue reckless investors from the errors of their ways.” Now they tell us!
For individual Americans, economic “growth” has meant the opposite.