At a Christmas party last night, I was amused when a good friend and loyal reader reminded me that I once said that I expected a “rip-your-face-off” recovery, whenever it happens. That comment does reflect my belief that the U.S. stock market has become entirely headline-driven and does not reflect the underlying U.S. economy, which is better that most people realize. At some point, economics will matter again!
Of course, there is a bit of hyperbole in “rip-your-face-off.” Maybe, I should have described the coming market rally as “strong” or “muscular” or even “impressive” . . . but maybe I learned to use hyperbole from reading too much Ayd Rand . . . or just by listening to politicians, of both parties?