MANIAS DIE HARD: EVERY time we’ve reached this level in history, a recession followed shortly thereafter.

by Jim Quinn

EVERY time we’ve reached this level in history, a recession followed shortly thereafter. We have already experienced the longest economic expansion in history. We will enter this next recession with the highest level of debt in history and a Fed with very few bullets left in their gun. So now must be the best time ever to buy stocks at all-time highs, when every valuation reading points to a 50% decline. Go for it baby!!! And don’t forget to buy on margin.

“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” ― Charles MacKay, Extraordinary Popular Delusions and the Madness of Crowds  

“In reading The History of Nations, we find that, like individuals, they have their whims and their peculiarities, their seasons of excitement and recklessness, when they care not what they do. We find that whole communities suddenly fix their minds upon one object and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first.” ― Charles MacKay, Extraordinary Popular Delusions and the Madness of Crowds

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