The perennially optimistic crowd on Wall Street never lets the truth get in the way of a good story. So whenever the stock market doesn’t move their way, they come up with a myriad of excuses to explain the fall. The members of what my good friend Peter Grandich likes to call “The Don’t Worry, Be Happy Crowd” appear at their favorite hangout, “Tout TV,” and try to deflect attention away from the truth.
What these cheerleaders are unwilling to admit is that the Federal Reserve’s myriad of QEs and manipulations of interest rates have been pumping air into the stock market. So every exit attempt from these manipulations has begun and will begin a painful (yet necessary) deflation of this bubble.
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