A top economist says the stock-market mania reminds him of the dot-com and housing bubbles - and warns consumers are feeling the squeeze
The feverish excitement around stocks today is similar to the mania that preceded the Great Crash of 1929, the dot-com bubble bursting in the early 2000s, and the housing market's collapse in 2008, David Rosenberg has warned.
Rosenberg highlighted three famous quotes uttered before past crashes, to underscore the similarities between investors' unwavering confidence then and now: The former chief North American economist at Merrill Lynch said the fear of missing out driving stocks higher today reminded him of those periods. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average have all surged this year, in part because investors are bullish on Big Tech and artificial intelligence.
Rosenberg struck a bearish tone on the US economic outlook too. Consumers had been living off their pandemic savings and relying heavily on credit cards to weather historic inflation and rising interest rates, but now they're"at the end of the rope," he said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PolitiFact - What you need to know about the fake Trump electorsMichigan’s attorney general has filed charges against 16 people who signed certificates falsely attesting Donald Trump won the 2020 election. Here's what to know about fake electors in Michigan and other states.
Read more »
Powerball: What you need to know before you play for $1B jackpotThe new jackpot for Wednesday’s drawing would be the seventh highest in U.S. history and the third largest for Powerball.
Read more »
CLIMATE GLIMPSE: Here's what you need to see and know todayWhether you live in Europe or are just visiting as a tourist, authorities have a recommendation: Stay inside.
Read more »
More room for pets in need: DuPage County breaks ground on shelter expansionDuPage County officials Tuesday broke ground on a much-awaited expansion at the animal services shelter.
Read more »
Texas trans kids need our support against dangerous lawIt’s been a heavy, heartbreaking time for me and other Texans over the past several weeks and months. As a Mexican American transgender woman, I am...
Read more »
CLIMATE GLIMPSE: Here's what you need to see and know todayWater: important always, but a life\u002Dor\u002Ddeath substance at this moment as the planet grapples with extreme heat.
Read more »