Tag Archives: Greenspan put

Tracking “Bubble Finance” Risks in a Single Chart

In his 712-page tour de force, The Great Deformation, David Stockman dissects America’s descent into the present era of “bubble finance.” He describes the housing bubble’s early stages as follows: The American savings deficit was transparent after the turn of … Continue reading

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Breaking Bad News from the Fed’s Z1: Expansions Tend to Explode Near Current Leverage Multiples

In an earlier article, I argued that the S&P 500 (SPY) is more expensive than you might think if you only compared prices to trailing earnings.  I recommended a different approach that suggests today’s valuation is similar to that of … Continue reading

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