Ding ding ding ding…It was reported yesterday that Trump has appointed the co-author of the book “Dow 36,000,” Kevin Hassett, as the Chief of the White House’s Council of Economic Advisors (LINK). “Dow 36,000” was published a few months before the dot.com/tech bubble burst in March 2000.
Given the irrational semi-parabolic move in the Dow since election night, the appointment of Hassett in the context of his spot in the history of stock market manias is seeded in comedic, if not tragic, irony. There’s numerous similarities between the current stock market and pre-crash moves in 1929, 1987, 1999 and 2007. However, in terms of true valuation metrics, the current market bubble is most similar to the Dutch Tulip Mania.
Jason Burack invited me on his Wall St. For Mainstream podcast to discuss the Fed’s interest rate hike threats, the massive amount of gold flowing from west to east, gold market manipulation and why the current stock market is the most overvalued in history: