Archive - December 31, 2010

Bubbly New Year!

Bubbly New Year!

Happy New Year! According to Bloomberg, everything is fixed just in time for 2011. That’s great news and it matches what we have been saying all along, i.e. that the recovery is alive and well, just a little slow. Unfortunately it also means that the time is right for new asset bubbles.

No doubt the Federal Reserve will take credit for the decrease in unemployment claims and the pick up in business activity. However, it is unlikely that the purchase of $600 billion of government bonds in November had any impact on December’s economic indicators.

Historically it has taken

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