David Stockman, President Reagan's Budget Director:
"Wall Street is a casino inhabited by day traders and robots who are on the drug the Fed is feeding."
The only thing I would say different is to add the word "fool's" in front of "casino".
I've been saying these words myself for years.
Context: It was on Neil Cavuto's pm Fox News program yesterday, and the two were discussing the unreal frenzy surrounding the Twitter IPO. At the time, Twitter was selling at an unworldly P/E ratio of 50:1.
Yep, and the Dow set several records on different trading days this week.
Now, add in the sobering fact that almost a million people left the US labor force in October, and the current labor participation rate is as low as it was during the despair and malaise of President Carter's presidency.
The picture of the US economy which emerges is very ugly. Very deliberately, the current masters of that economy have built a house of cards which they are calling a fortress. The slightest puff of an ill wind brings it all down.
What do I invest in?
Beans and bullets.