Yet another big jam job in tech today. Google, of course, is the poster child for risky speculation, up nearly $20 as I write and up more than $150 in a parabolic move since early September. Just like Patrick said, absurd. Closing the market isn’t an option for the bears, though. No-one ever closes markets because the prices get too high, do they? Just a thought…
I think what amazes me more than anything else is the apparently unshakable belief that the Fed’s fiddling with interest rates can stop the massive deleveraging that is clearly underway. How serious the consequences of the deleveraging might be is, although unknowable, a matter for reasonable debate. I don’t think the deleveraging itself is debatable at this point.
Financial Reality 