Stocks in 1974 or Japanese Bonds in 1996?
Roll, roll me away,
I'm gonna roll me away tonight
Gotta keep rollin, gotta keep ridin',
keep searchin' till I find what's right
And as the sunset faded
I spoke to the faintest first starlight
And I said next time
Next time
We'll get it right
-- Bob Seger, "Roll Me Away"
No Cure For the Bubbletime Blues
Just because rates are low doesn't mean they cannot go lower. The postbubble markets of the U.S. in the 1930s and Japan in the 1990s, not the event-driven bear market of 1973-74, remain our best guideposts, but even these aren't very good ones. The 1930s were a far worse period economically, and the Japanese experience has been characterized by runaway stupidity to the extent that the Bank of Japan is now trying to save member banks by buying their stock holdings.TheStreet Premium Services For Personal Service: 877-471-2967
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,842.10 | 1,350.45 | 2,920.89 | 19.74 |
Oil *
117.86
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UP
40.87 |
UP
7.81 |
UP
17.01 |
UP
0.05 |
10 Yr
1.97%
SPDR Gold
167.11
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+0.32%
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+0.58%
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+0.59%
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+0.25%
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