How long, can this keep going on?
"Well, your friends with their fancy persuasion
Don't admit that it's part of a scheme
But I can't help but have my suspicion
'Cause I ain't quite as dumb as I seem
And you said you was never intending
To break up our scene in this way
But there ain't any use in pretending
It could happen to us any day" – Ace
So far, 2018 is looking like 2017, with the indexes climbing up and up and, as I noted to our Members this morning, there's some good economic notes backing up the positivity including 18 states that raised the minimum wage on January 1st, which puts a bit more disposable income into the hands of 4.5M affected workers while putting upward wage pressure on 50M more. Those effects take time to roll in but rising wages is a trend we should be able to rely on.
Clearly the markets are loving it as we made fresh record highs and this morning the Futures are making even fresher, higher records but, as noted above, how long can this keep going on? What has actually changed to justify today's record high?
You can't just keep rewarding the market for doing the same thing it always does otherwise, as I warned back on November 29th, we will all be Billionaires. While I'm sure you want to be a Billionaire, what's the point of it if everyone is a Billionaire? If that happens, you're going to be nothing if you aren't a Trillionaire – that's what happened in Zimbabwe, where they were printing $100,000,000,000 bank notes in 2009, right before their currency completely…