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Blowing Asset Bubbles Doesn’t Blow Jobs

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Regarding Apple….never took a bite. I think I should have. I had my heart set on the round number and we never got there. Now as we approach the bad season for shares, I tend to pull in my horns. I’m still waiting for the spring/summer correction to give me another chance at selected names.  Maybe we get it, maybe not. Bubbles Bernanke wants to blow this one up big and all the bulls will be cheering the asset price inflation as healthy and signs of normalcy. But it shall not be.

With bubbles Ben printing trillion+ in cash, and the banks taking it to buy paper, that’s some kind of tailwind for asset markets. Till it isn’t. Then things will correct hard, IMHO. Its too bad the bozos at the fed keep promoting bubbles, technology and housing and bonds, all to stimulate a broken economy. Yet the pols craft no policies to stimulate industry and job creation. Illusionomics is back I say.

Much work needs to be done regarding tax policies, reindustrialization, energy policy, education improvement, mortgage industry normalization, Obamacare adjustment, and deficit reduction in order to NORMALIZE THE ECONOMY AND FINANCIAL MARKETS. Yet market commentators all focus on Bubblevision gibberish regarding a QE driven rally.

I guess that’s the surprising thing to me. We make very little progress delevering, restructuring, or reindustrializing, yet financial markets pay for the new, artificial normal. Our solution remains to create another asset bubble for some trickle down wealth effect. Stupid is as stupid does.

The knuckleheads at the fed don’t get the malinvestment and fundamental imbalances asset bubbles promote. They don’t realize how it raises input costs and squeezes the providers of labor, while creating few if any jobs. They think a 0% interest rate driven bull market in stocks and bonds helps, and to providers of capital, it does create a windfall. But we need policies that promote innovation, reindustrialization, and real wealth creation, not QE drug induced paper asset speculation. How freakin clueless to think a nation of condo flippers, day traders, prop desks and hedgies create lasting business. The fools.

Fed vs S&P

 

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Robert Marcin

Robert Marcin

Robert Marcin is the founder and general partner of Defiance Asset Management. Formerly, Marcin was a partner at Miller, Anderson & Sherrerd and a managing director at Morgan Stanley, where he managed the MAS Value fund (currently Morgan Stanley Institutional Value). He currently writes Marcin’s Stock Diary on WallStreetAllStars.com.
Robert Marcin

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