A bull market?

Ok, first of all, anyone who says we need to read the Unabomber’s Manifesto for wisdom is a just a little bit scary. Sorry, “Joseph,” you don’t win many credibility points that way. I was a reporter in those days, trying to look for clues from his visits to the Salt Lake area. The Unabomber has nothing of value to offer anyone.
Second, the poster who simply titled his entry “Mr. Evensen” makes a valid point that deserves an answer. My record as a journalist is an open book, especially now that Internet archives of everything I’ve written go back more than 20 years. (Granted, some of it is in anonymous editorials written on behalf of the editorial board.) I am not a partisan ideologue, nor a Republican apologist. I consistently opposed the use of torture during the last administration. I agree the George W. Bush administration made a mess of the federal budget and violated the balanced-budget principles that swept Republicans into control of Congress in 1994. I supported the Bush bank bailouts, but only because I was convinced something had to be done to stem the panic that was gripping the system and to thaw credit lines.
I’m not quite sure why every criticism of the Obama administration needs to be couched in terms of equal criticism of the Bush administration, however. I don’t think I need some sort of disclaimer with each post. I believe I’ve been consistent to principles through the years, and Obama has taken some bad Bush ideas and put them on steroids.
As for being more “balanced,” I’m not sure what you mean. I gave up objective reporting 15 years ago when I was promoted to the editorial page.
OK, now on to the topic of the day (if you’re still with me). Someone here mentioned how the stock market has been surging ahead. I think they were bashing me about an editorial a few weeks ago, but no matter.
Saturday’s Wall Street Journal had an excellent news story on why this is happening. (Read it here, but you need a subscription to access the whole thing.)
In short, the bailouts and stimulus packages here and abroad have pushed so much money into the economy that businesses can’t put it all to work. “It has been pushing up comodity prices and stock prices, starting in emerging markets and then pushing over into developed markets,” the Journal quoted Joachim Fels, co-head of global economics at Morgan Stanley.
As the story notes, “Past liquidity-driven booms haven’t ended well.” There is little reason to believe this one will, either, although it might take awhile for that to happen.
What was needed for real prosperity to return was for the economy to contract. Now we have more bubbles, delaying the inevitable. And the next crash could be even worse.