by Chris Black
Everything is fine as long as the megacaps soar, because that is what Americans are invested in. Companies destroying the economy are rewarded with valuations greater that the entire GDP of the USA when it was the manufacturing center of the world.
Apple can be cut in half and still be worth well over $1 trillion. A level only two companies in history managed before 2018. Companies that only kept that valuation for a few weeks before getting cut down. Somehow Apple didn’t get dumped, it added $2 trillion to the absurdity. Google, Amazon, Microsoft, and the others also followed to ludicrous speed.
A 50% haircut to the S&P500 only gets us back to right before Covid. Are we supposed to believe that the economy is more than twice as strong as right before The Plandemic? We have empty shelves, product shortages, shipping shortages, record inflation, record energy prices, and looming blackouts.
That isn’t a strong economy.
Stocks Go Nowhere In May, USD Sinks Amid Worst Macro-Meltdown Since Lehman t.co/PxUd2phrEM
— zerohedge (@zerohedge) May 31, 2022