You might as well face it, we’re addicted to gov. Or at least perpetual Federal Reserve intervention.
Financial Times has a great graphic showing that Wall Street sell-side analysts are as bullish today as they were in 2002, just after the Dot.com bubble burst.
One reason that Wall Street sell-siders are so positive in that US Corporate Profits YoY is at 17.61% in Q2. Noticed that US Corporate Profits YoY was 30.7% in Q4 2002 when sell-side ratings were as high as they are today.
The bad news? It took massive government intervention in the form of The Federal Reserve to make it happen.
Doctor, doctor (Yellen), we’ve got a bad case of asset bubbles and too much government intervention.
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