Permanently topped up swamp
The swamp is in no danger of being drained. Society can take care of itself or be damned. Stocks will keep flying
Irving Fisher, the Yale economist, is supposed to have said, “Stock prices have reached what looks like a permanently high plateau", shortly before the crash of 1929 began. In a similar vein, in his second-quarter newsletter this year, Jeremy Grantham, veteran fund manager, wrote, “If we expect a market crash, we should also expect to have a crash in margins (as we did in 2008-09) or a truly dramatic rise in sustained inflation (as we did in 1979-81) or some powerful combination. All of which is possible of course, but I think improbable, at least in the near term." Does it mean that a fate similar to that of Fisher awaits Jeremy Grantham? Perhaps. But his arguments are compelling.