Guggeheim Partners' Scott Minerd says the stock market is like "the Titanic heading for an iceberg."
Look...
“Just as an iceberg loomed in the distant darkness to be struck by the Titanic under full steam, so the US economy approaches the distant fiscal drag of 2020 under the full steam of rate increases to contain inflation and an overheating labor market...”
He's got a flowery way with words.
Fiscal drag? What fiscal drag is he talking about? The government is operating with record spending and in 2020 according to the CBO spending will be even higher along with the deficit.
The fiscal drag that Minerd is referring to is the deficit. He thinks that's fiscal drag when he should be cheering these numbers.
You gotta buy in this dip.
BTW...I've put up numerous posts about Minerd's calls in the past. Check them out here.
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