As I watch the asset bubbles get bigger and bigger, I can't help but think of Alan Greenspan's parting words before he left the Fed: "History has not dealt kindly with the aftermath of protracted periods of low risk premiums."
I am absolutely devastated about Norm Macdonald. Norm had the most unique comedic voice I have ever encountered and he was so relentlessly and uncompromisingly funny. I will never laugh that hard again. I'm so sad for all of us today.
I’ve failed many times in my life and career and because of this I’ve learned a lot. Instead of feeling defeated countless times, I’ve used it as fuel to drive me to work harder. So today, join me in accepting our failures. Let’s use them to motivate us to work even harder.
I got a response to my tweet that inflation is rearing its ugly head. Sure. In everything except the labor market, which accounts for 75% of where inflation really comes from. Wages & salaries are running near a 1% annual rate. There is no lasting inflation without a wage cycle.
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