David Stockman Rages Market “Valuation Has Lost Any Anchor To The Real World”
by Tyler Durden
ZeroHedge.com
12/09/2013
The current malaise of news, data, and spin is “meaningless,” David Stockman tells Bloomberg’s Tom Keene, adding that markets are exhibiting “the kind of speculative froth you get at the top of a cycle where valuation loses any anchor in the real world; from earnings or the prospects of the economy.” As he argued before, “owning stocks here is very dangerous,” and despite Keene’s best efforts to denigrate Stockman’s “of course it’s a bubble,” perspective; the former inside-man exposes the hard mathematical truths of valuations, performance, and reality in this brief clip. Who is to blame – The Fed or Wall Street? “It is a question of who has taken whom hostage,” Stockman concludes ominously, “it’s a co-dependency… it’s very dangerous.”
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