Apparently Jay Powell misunderstood the phrase “irrational exuberance” because instead of extinguishing it by announcing a 50 basis point increase, the Fed went full on easy money forever mode.
This of course set the stupid off at plaid speed with one more speculative fury with no end in sight.
What do I mean?
Check out his headline from MarketWatch this morning:
Anyone want to break it to them that there’s a week of trading to go and it could all be wiped out and then some as Friday’s close was pretty ugly.
Of course TikTok Investors over on X found another gem to exhibit what I mean about the bubble mentality running wild in our society:
50bps was a mistake pic.twitter.com/hZSMgHXzqW
— TTI (@TikTokInvestors) September 21, 2024
Of course that doesn’t even come close to Mr. NFT huckster himself and his campaign for profit:
Yeah, the Fed Funds Rate should be at 10%.
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