Kevin Duffy on the seeds of the everything bubble

Most stocks peaked one month after Biden took office while large cap stocks peaked about 11 months later. The factors that create a stock market bubble take years to build up, so if you really want to understand what happened, you have to study that earlier period.

The sad truth is that government stimulus to fight a virus created this mess (but the seeds were planted earlier with the stimulus/bailouts of 2008). That includes checks mailed directly to people. Where did this money come from? The Federal Reserve "printed it," as its balance sheet more than doubled. This all happened under the Trump administration, but was supported by BOTH parties.

As for the quagmire in Afghanistan, this began under G. W. Bush and was continued under Obama and Trump. The chickens finally came home to roost. I'm not excusing the exit strategy, which was a typical government boondoggle, just pointing out that we never should've gone in there in the first place. This was supported by BOTH parties and 80% of the American people who wanted vengeance after 9/11.

People need to look in the mirror and take responsibility for these disastrous policies. Instead, they will blame anyone but themselves and the problems will get worse. As Einstein may have said (or not), "insanity is doing the same thing over and over and expecting different results."

~ Kevin Duffy, Facebook post, June 24, 2022