How many economists does it take to identify 3 massive bubbles shown on a chart that goes back to the 1800’s published on the cover page of the WSJ?

via @MI_Investments:

How many economists does it take to identify 3 massive bubbles shown on a chart that goes back to the 1800’s published on the cover page of the WSJ? Are we in a bubble today? What caused the last two recessions? Asset price inflation or CPI? The Fed wrong then as now:

Speculative Futures Positioning: Stocks vs Bonds – ⁦@topdowncharts⁩ ⁦@thomsonreuters⁩ ⁦@CFTC⁩ ⁦@SoberLook⁩ pic.twitter.com/WmlqWtQzK7

— Rob Hager (@Rob_Hager) August 8, 2018

Equity Volatility Index hitting its lowest level since January. $VIX pic.twitter.com/dzh8ZoYiWI

— Charlie Bilello (@charliebilello) August 9, 2018

3-Month Treasury Bill Yield…
Aug '09: 0.19%
Aug '10: 0.15%
Aug '11: 0.03%
Aug '12: 0.11%
Aug '13: 0.05%
Aug '14: 0.03%
Aug '15: 0.06%
Aug '16: 0.29%
Aug '17: 1.06%
Aug '18: 2.06% (10-Year High) pic.twitter.com/obFG0CkMtz

— Charlie Bilello (@charliebilello) August 9, 2018