On one hand, he notes that “just about every asset category is now high by historical standards”, that “all across the board, assets are up”. And he acknowledges that the “obvious” reason for this is the Fed’s artificially low interest rates.
On the other hand, he ridicules the idea that we are witnessing asset bubbles and continues to mock the “awesome wrongness” of those who have been warning about inflation.
As though rising asset prices wasn’t price inflation of precisely the kind many of those he attempts to mock as being awesomely wrong have been warning about.
This is why he couldn’t see the NASDAQ bubble coming, either, and why he continued to advocate for even lower interest rates despite recognizing the existence of the housing bubble.
When are people going to stop taking this guy seriously?