decisionpoint.com
Signs of the current environment; full employment, a technology boom, worldwide overcapacity and falling prices, global financial instability and currency crises, a credit induced economic boom, rising rates due to increased credit risks, a strong currency, foreign inflows to financial markets, record imports, agricultural depression caused by global overproduction and slack demand, recession and/or depression abroad, a stock market bubble with record public participation, speculation and complacency about risk, fed fearful of an asset bubble and reluctant to act, rising trade tensions. The foregoing paragraph is also a perfect description of 1929.
The Fed has been extremely aware of the asset bubble since the "irrational speculation" speech of 1996 and is scared ****less of popping it.
Rubin was smart to get out, he is an expert trader.
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