“It's the kind of speculative froth you get at the top of a cycle where valuation loses any anchor in the real world and in earnings and in the prospects of the economy,” says David Stockman, former director of the Office of Management and Budget, in this Bloomberg interview.
The markets “have a hissy fit if the chairman of the Fed even suggested they might begin to taper four years into a recovery,” he says in the same interview.
Those are strong words, and set the impression that equity valuations are totally out of whack. “Of course it’s a bubble,” says Stockman.
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