Billmon - July 6, 2005

Forever Blowing Bubbles

There is no doubt in my mind that the existence -- and seeming indestructibility -- of "analysts" like Jim Glassman is one of the key reasons why we have asset bubbles. Since the collapse of the Nasdaq bubble in early 2000, I've watched, first with amazement, then with a kind of morbid fascination, as Glassman has continued his flourishing and no doubt lucrative career as a financial pundit and supply-side snake-oil salesman, instead of being banished to the get-rich-quick infomercials on late night cable, which is where he belongs.