From Greg Valliere, chief global strategist at Horizon Investments, in a client note:
A nasty—and ignorant—anti-Wall Street climate prevails in both parties, and it’s something our industry has to worry about.
The Wall Street Journal, “Populism Rises In GOP Race,” 11/12/15
There’s that nasty, ignorant populism again (see “ASSHOLES,” SLL, 11/12/15). The banks that promoted, then sliced, diced and repackaged garbage mortgages and sold them all over the world were magnanimously satisfying a need for yield during the housing bubble, and besides, that’s ancient history. And who can blame Wall Street for making “friends” in the federal government? Who can blame the government for taking care of its friends, spending trillions of dollars of taxpayer money not letting them go bankrupt? And those zero percent interest rates we’ve had the last seven years, a speculators’ Nirvana courtesy of the Federal Reserve? They have been officially blessed by a number of Nobel Prize-winning economists. It’s unfortunate that savers, especially retirees, had to be thrown under the bus, but hey, that’s the price of “recovery” and a bull market. The Fed’s debt bubble is now bursting, but nobody could have seen that coming. That anti-Wall Street climate is absolutely inexplicable.
