Bullish mania is running rampant in Pundit-land – at least it was until last week. Human nature, being unfixed probably in millennia, compels most to find easy-to-digest rationalisations for what has just happened. And since June, what happened was the strong share rally off the
Thursday’s heavily-anticipated US Consumer price report came in on the high side – and stocks plunged. Note that the Fed has been trying to convince everyone for months that the price rises we are all seeing was ‘transitory’. Lesson: Don’t trust the Fed.
As a ‘child’ of the sixties, I watched a very popular and lively TV show (in glorious B&W) called That Was The Week That Was. It was the first of a succession of satirical political programmes that kicked off the transition from the age of deference (doffing our caps to our ‘betters’) to the current age of outspoken condemnation (and worse) of our so-called leaders (aka the ‘elite’).
