Stock-Market Optimism

Breathtaking news, Wall Street investors are breathless

with optimism. The world is going to hell in a breathlessly accelerated

hand-basket, but, according to Bloomberg, U.S. equities climbed to new highs

after “China said it agreed with America to roll back tariffs on each

other’s goods in phases as they work toward a trade deal.”

Rolling back, are they?

Renegotiating who gets summers with the kids, before the divorce becomes final?

And what does it mean that China agreed with America? Have they checked

Donald’s Twitter stream? And not to put to sharp a point on it, but what’s the Prez’s

batting-average on keeping agreements?

There is a saying that “a 2nd marriage is the

victory of optimism over experience.” One can make the case that current

market optimism mirrors Wall Street’s 2007 marital disaster.

Then we had home mortgage derivatives.

Now, that bubble’s burst—taking a major portion of American home ownership down

the tubes with it. The new game in town is shady business-loan derivatives and

on…