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Birinyi, Sonders, & Rukeyser Celebrate The "Magical Stock Market Environment" In 1999
"Surely this can't go on forever", asks a pensive Lou Rukeyser on New Year's Ever 1999, to which a youthful Liz-Ann Sonders replies ever-exuberantly, "this is a magical environment for the stock market, for the year 2000, things look terrific." The other guests in this wonderfully brief moment of deja vu from the peak of the previous bubble are just as cock-a-hoop, "the danger signs are still a ways off," and none other than Laszlo Birinyi concludes, "the individual is flush with cash, and continues to be positive," confirming once again that the money-on-the-sidelines fallacy is just that.
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I forget how much QE they were up to per month back then.
Its almost like discovering the the earth actually does revolve around the sun to acknowledge that we can actually just print money now and really don't have to work for it. Thousands of years of struggle for no reason. We could have just "printed" our way to prosperity. Its a glorious new day! Nothing but sunshine and happy faces everywhere.
http://www.imdb.com/year/1999/
Read em en weep.
Art imitating life. This...NOW... would be the afterlife.
Bubbles everywhere today.
Just look at the Toronto condo market.
http://www.planbeconomics.com/2013/12/toronto-condo-collapse-2014.html
you have to consider the other hypothesis: hyperinflation could be beggining.
Oldwood you know better. I know you do. The assertion that those freshly printed dollars ever see the light of day in a middle class home is false. They wind up on the PD's balance sheets and are used to.....you know all this.
It's different. It's communism with a side of NFL and Buffalo wild wings.
Damn! And I was going to print up some of those smiley face stickers to put on everything. How come I'm always the last one on the happy train?
And so what happens when all the markets fall apart and maybe we get the deflation first that Maloney and others talk about? Maybe both silver and Bitcoin is $5? I can't imagine the bitching going on here then....
dude what do you think is going on? In the real economy we are getting massive deflation right now. Not in the way everyone likes to view it. But the deflation is there via people going tits up. The fed was trying to tackle it through the stock market, but now they are going to have to up the ante soon enough.
Bitching at five buck silver? More like partying hardy!
All my investment decisions would be done for me.
"Jupiter" was his name actually. That's who was "discovered" in 1999. http://www.cigaraficionado.com/webfeatures/show/id/6151 "there was no cash on the sidelines" then indeed. But that is not true this time around is it. Hmmmm. "instead of running to the Treasury he ran to gold." http://en.wikipedia.org/wiki/Jupiter_(mythology) do we now find ourselves running "to the absence of gold"? the price has been falling for some time now. it must be because there is too much gold then. Silver? Copper? no you say? hmmm. No to debt as well? Money? Cash? Dolares? Still not good enough? Fine. Bitcoin it is then...
yeah... but... it's different this time.
The fed always does too little or too much and too soon or too late...resulting in total fucking chaos
I miss Rukeyser. Nice historic pre-peak video that shows all the others as talking heads...assholes.
In college (later 90s) we had to watch his show and alternate doing a presentation on it each week.
In same class, I went long ebay and shorted sears. Won second place.
In real world times, I earned last place but at least I tried.
Amen.
Liz Ann Sonders got her first job on Wall Street because Marty Zweig thought she was hot and hired her.
avec knee pads.
Charles Schwab is now actively promoting Liz Ann Sonders in one of their new commericals.
If ever there is a good barometer of market sentiment, it is Charles Schwab commercials.
she was hot then and still is now. Obviously it would be interesting to see her play with boys in these here parts.
I don't know, she's got that New York inbred retard look in her eyes, sort of horse face but not too horse face (still do her) or maybe it's just the heroine. Must just be me, ME likey pure bred scandies.
http://finance.yahoo.com/blogs/daily-ticker/secular-bull-market-only-mid...
At the time of this showing I was getting a forehead massage at the Limelight. Looks like this crew is on the same ecstasy I was. I didn't get that way by resting on my laurrrwwwwlllllls.
Limelight was great!
I think I saw you at Webster Hall.
It was probably The Tunnel.
It was at the Garage in Soho. On the right night of course.
As they say, BTFATH!
t
thanks for exposing these clowns, please continue posting thes wall street idiots wonderful track records. Does Zerohedge get more unique viewers now than CNBS? and how has the growth of zerohedge hits vs. CNBS freefalling viewship compare over the last few years.
CNBC will soon lauch the daily Bitcoin Show with Jim Cramer. Those bitches will do everything.
More words on the fake low inflation nonsense. It never ends.. Same shit different network different time
Priceless!
Living proof for the 100,000th time that it’s not enough to just be a bullshitter to make in as a market maven. The necessary talent is to be able to bullshit while maintaining the poise and confidence of an athlete who just won a gold medal in the Olympics.
Just classic. Valueless sheep pundits.
That's some brilliant post there ZH! Effin' Brilliant! The clip really shows the arrogance of the time; that "timeless" arrogance. MOAR!
"Magical", but ..." Might be a mild correction"... Thank god that kind of ( correction ) thing is not allowed in the New Normal.
History and stupidity as it f*cking rhymes. Awesome post ZH!
I knew Liz Ann Sonders back at that time and can tell you she had absolutely no clue. She was touting the virtues of tech stocks all the way to the top and over-the-top. Anyone who didn't like tech socks she said "didn't get it". Campbell cowperthwaite, owned then by US Trust, the firm she worked for was up about 90% in 1999, before imploding after riding tech stocks all the way down, giving back all that performance and then some, losing the majority of their client assets. Charles Schwab then acquired US Trust and closed her division down, firing everyone except her. Somehow she managed to keep a job and become the head strategist at Schwab where she remains today.
It is scary that someone as incompetent as she has made millions and millions of dollars after losing clients everything.
That's fucked up. Happens all the time in that business, though, doesn't it?
Darn, I was hoping they'd get a leg shot of Liz
Same bullshit then as now; "inflation is low, that's a magical environment for stalks"
Yup, nothing but rainbows and honey.
Until 2001, 2008, ...
Dow 14,000 in 2000
http://www.youtube.com/watch?v=DJ97ZeEaxB8
Schwab trots her out once a quarter to tell us that things are great and to stay fully invested.
Deja vu http://www.bloomberg.com/video/charles-schwab-s-liz-ann-sonders-on-markets-yellen-yJQivrcbQaGCLPDNtBTSQg.html
They always sound the same, and the market always goes up. If fundamentals are so awesome, stop QE and see what happens. It's all bs, and these people actually get paid to sit around and discuss how wonderful the fed is for coming up with the magical idea of printing money. See this central planning is really easy afterall. Just kneel before the geniuses at the fed and pray the money falls your' way. No need to actually produce anything somebody needs with sweat and tears. This is the new age of free money. Why on earth didn't we come up with this sooner?
Lesson: Don't ever trust a guy in a tuxedo.
Laszlo Birinyi's voice, ruthless torture tool - imagine being stuck in an echo chamber listening to Birinyi's BS for all eternity, that is how I imagine hell to be.
Awwwww shucks. No Rudiger Dornbush yapping about the never-ever-ever-EVER-ending-virtuous-cycle-cause-Greenspan?!?!