The Phaserl


2007 All Over Again? Mega-Merger Edition

by John Rubino, Dollar Collapse:

Intel is buying chip maker Altera. Charter is buying Time Warner Cable. All the big drug makers are buying all the mediums-sized ones.

Great news, right? If these huge companies with their top-of-the-line analytical tools and deep insight into their markets think paying way up to build empires is wise, then the stock market, far from being overvalued, must be cheap.

Right. Except that history says the opposite. One of the best signals that a bubble is about to burst is rich people with too much money doing stupid things. And as Mitt Romney likes to say, corporations are people too — which means they’re prone to exactly this kind of herd behavior.

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