Summary
- Markets have been churning, no real progress in 18 months
- During that time, earnings are down 18.5%
- Five straight quarters of decline in earnings, if projections for current quarter hold
- Inventories are surging
- Signs of recession abound, but markets bounce upward?
- Hence, the term dancing on the crater's edge
Yellen jabbering about full employment and low inflation. Neither claim tells the correct story.
Many people still unemployed. The real unemployment rate is much higher. Same with inflation. Middle class is getting hammered.
Yellen claims no bubble, but a debt bubble is colossal.
Yellen is right there with the casino operators of Wall Street, dancing on the edge of a live volcano.
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