Another interesting report out from Auerbach Grayson. Click here to access their latest, a ten-pager advanced as follows:
“Rich Ross our Technical Strategist prepared the attached document last night. Read all of it please to see that the resonance of higher markets is ubiquitous not just in NY and Zurich but also in Bucharest, Istanbul, Colombo, Almaty, Caracas, and Tallin. Is the world awash in money? (check your pockets?). If in fact you need a glib answer look no further than the estimable Mr. Blankfein who during yesterday’s testimony by The Four Amigos said, ‘Money became plentiful, and so people paid less attention to risk’. Oh, ok, now we know about the money, but just for a reality check here, are we really floating on a sea of money or in fact is there a case that away from the Wall St factories there is an immutable momentum of real productivity and growth out there. We think so and it continues to deliver the levelling of the global economic playing field. By the way, today’s subject line’s first use is attributed to JFK in a campaign speech in 1960. Clearly a call at that time for government spending, it was later perverted by Laffer as a tenet for Reagan trickle-down economics.”
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