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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Tagged Arthur Burns, Ben Bernanke, bubble finance, David Stockman, full valuation, Greenspan, Greenspan put, Janet Yellen, price-to-earnings, price-to-peak-earnings, SPY, stock valuation indicator, The Great Deformation, William McChesney Martin
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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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Tagged Alan Greenspan, Ben Bernanke, Bernanke put, Bernanke successor, Breaking Bad, CIU, CLY, credit bubble, debt ratio, debt-to-profits, financial report of the United States, flow of funds, Greenspan put, JNK, leverage multiple, LQD, moral hazard, NIPA, nonfinancial corporate debt, Robert Shiller, S&P 500, SPY, Walter White, whatever it takes central banking, Z.1, Z1
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