I’m not buying it, either figuratively or literally.
The stock market today is nothing more than a heroin addict, with a very generous pusher.
That’s a valid concern. Larry Kudlow had a couple of guests on his radio show who brought a different perspective. Their general point was that the strength of the stock market is real, and it’s driven mainly by the ability of these large companies to increase profits dramatically with very little increase in their costs. Basically, there is such a glut of labor for many of these industries that a company can increase its productivity without hiring more workers or paying their existing workers more money.