Bubbles, Bubbles, Everywhere Bubbles.
The first chart attached below of American Express, a poster-child renter capitalism stock. There are three bubbles in the chart. All three of the bubbles were created by deregulated private, for-profit capital and their distortion of our monetary and economic system. The first starts in the 1995 pivot date that I have remarked many times is integral to my analysis; 1995 started the blow off top in the U.S. economy and in asset prices. Although I have remarked of what triggered that, the collapse of Japan’s economic and asset bubble, I’ll be posting more details in the future. Bill Clinton did not leave the presidency with a great U.S. economy. He left it in shambles and is responsible for the collapse George Bush presided over. Enough of the ignorant partisan nonsense that drives our dumbed-down left-vs-right political theater.
The last bubble on the Amex chart is far and away the largest. That is corroborated by the follow on charts. They are just a sampling of equities reaching all-time highs before this past week’s weakness.
Because this bubble has been building for 35 or more years, and that is such an extended period of time, society and people have become habituated to the economic ignorance and corruption created by the class-based capitalist and corporate state predators that drove it. Entire belief systems are now based on socioeconomic immorality and corruption that is now mainstream within the economic and social circles of people who are generally economically-successful during this time. (Be sure to click on this link. Carter is a smart and observant guy worth considering. The Wolf of Wall Street glorifies class-based immorality and Godlessness and turns its victims into a comedy.) Many people in the last 35 years attribute their success to immoral and corrupt economic policy, delusions about their own abilities and their generally accepted beliefs that the policies over the last 35 years create economic prosperity. In fact, many will rabidly defend these beliefs to their own destruction that such beliefs create. Exaltation of the self or ego will always lead to self-victimizing self-destruction.
Woe is me. I appreciate that my economic success or failure is often driven more by being in the right place at the right time than any great abilities I may have. Not that I didn’t work hard or smart. But, what does that mean? The people subjugated to nonliving wages at Wal-mart and McDonalds often work like dogs and they aren’t generally allowed to use their natural talents in such a monotonous, inhumane form of indentured servitude to class. How’d that work out for them? The disconnected ego is pernicious and sinister in its beliefs. And, we will be punished for outsourcing our beliefs to an aristocratic class of economic and political predators who certainly are pernicious, immoral, corrupt and sinister.
Just as George Bush and Barack Obama inherited a pile of dog dung from Bill Clinton and Ronald Reagan, so is Janet Yellen inheriting a bigger pile of dog dung from Ben Bernanke and Alan Greenspan. That said, all of the inheritors are complicit in accepting and even perpetuating the immoral and corrupt policies they inherited. That includes Yellen who is on the Fed’s Board and helped create this mess. And, is now on the cover of Time Magazine, a kiss of death granted by the dumbed-down mainstream media. In other words, corruption and immorality are now accepted as mainstream social values in the “free market” corporate capitalist system.
As I have noted on here ad nauseam, observational science, including modern economic and monetary policy, is junk science. Now we will watch entire socioeconomic structures and belief systems fail because of the acceptance of such self-interested ignorance.
Credit Acceptance Corp