"While everyone enjoys an economic party the long-term costs of a bubble to the economy and society are potentially great. They include a reduction in the long-term saving rate, a seemingly random distribution of wealth, and the diversion of financial human capital into the acquisition of wealth. As in the United States in the late 1920s and Japan in the late 1980s, the case for a central bank ultimately to burst that bubble becomes overwhelming. I think it is far better that we do so while the bubble still resembles surface froth and before the bubble carries the economy to stratospheric heights. Whenever we do it, it is going to be painful, however.” - Larry Lindsey, Federal Reserve Governor, September 24, 1996 FOMC Minutes 

“I recognise that there is a stock market bubble problem at this point, and I agree with Governor Lindsey that this is a problem that we should keep an eye on... We do have the possibility of raising major concerns by increasing margin requirements. I guarantee that if you want to get rid of the bubble, whatever it is, that will do it.”- Alan Greenspan, September 24, 1996 FOMC Minutes

It was risk on today, as stock gapped open higher and pushed upwards with a mind to making yet another blow-off top, sooner rather than later.

The dollar and the metals declined in this devil-take-the-hindmost burst of good feelings and animal spirits.

Let's see how far they can take this, and how low it can go again this next time. You never can tell.

Have a pleasant evening. 

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