RE: Campbell Harvey…The Father Of The Inverted Yield Curve Is Saying People Are Forgetting About The Dot Com Bubble

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2020 is by far the most difficult year for me. At the office I see many adjacent spaces empty and streets in downtown not even 50% full compare to a normal weekday. Yet I chart prices and expect them to move higher base on technicals. Truth is I do not think this is sustainable into 2021 or beyond. There is something happening in the cash markets. There is still a massive pile of cash on the sideline but once that is in the market there is no more buyers. No more because everyone has bought in. Fundamentally a lot of states are short on tax revenues and federal government is holding back stimulus. This delay will inevitably cost great pain down the road. Only way out is inflation. I think government should plan on buying equities and distributing to the people. Only way to force inflation of asset prices once every dollar is spent. May seem silly but FED already promised buying corporate debt. Next level is pretty much the stock equity.

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Interesting thesis as the cash on the sideline will enter the Market next yr...it will be interesting to see if the US Feds continue to buy up equities to keep the Markets inflated.

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