In an odd statement on the nature of stock market Wonderland earlier this week, Texas instruments announced that yes, it too thought the S&P hitting record levels is totally insane.
You can see why. The TI share price began 2010 at $26, and is now up there at $40.22….30% up this year alone. But its results over that three year period are nothing short of abysmal: in 2011, earnings plunged 31% and in 2012 another 21.3%. This year looks just as ropey: Q3 earnings slumped by some 20% year on year.
But hey, we live in a world of decisively free markets, where governments are told to butt out of the Friedmanite Supersystem which cannot fail. Yes, in the globalist nirvana, we spit on governments: we go straight to the taxpayers, and punish them for not buying stuff by wiping out their savings. That’ll teach them to buy our stuff next time with all that money they don’t have and so yet again (sigh) we have to twist the banks’ arms to sell them more credit they can never repay.
Bernanke is a dirty bird/ He soars up to the sky/he lives on paper bollocks/and then sh*ts in every eye
The Slog 