Bear with me. There will be no charts or music in this post, just a little rambling.
I do find it truly amazing, how from time to time in a society that is so diverse and divided, all of the sudden a consensus develops. Even more curiously, it is not a benign agreement, but aggressive, malignant consensus, attacking you whenever you try to put the news on or read a paper. Have you turned TV, radio, or computer on lately? If not, beware. Otherwise, I am sure you could not miss it. It's the latest rendition of America Got Talent, with a strange chorus performance.
The first row of the chorus reciting the wisdom: balance the budget, balance the budget, balance the budget, are the brewers of the ice tea, a very southern special, made of backwater and folly, sweetened with a spoon of libertarian honey.
The second row is made up of various victims of the hair transplant or hair dying procedures and their accomplices, aging and fattened by corporate lard, having difficulty keep up with the youngsters, just murmuring: kill medicare, kill medicare, kill medicare.
In the third row you will find all the well-meaning spenders of the other people's money (normally called thieves) yelling to the beat: tax the rich, tax the rich, tax the rich.
What brought this curious ensemble together, is the consensus over the solemn idea that the US is bankrupt, and the urge for revelations how to fix the problem.
Now, an obvious question comes through the mind of a skeptic observer: have we finally entered the utopian era when everybody knows what the problem is and even the solution? Is this the world where everybody is smart? Or just we can't spot the idiots?
To a stock market observer, this pitiful consensus is just another sign that the magnificent bull market we have been riding for the past 2 years could be entering its final phases. That's all.
My guess would be that just in two years, when another bear market will be at its depths, all this self-confident chorus will be singing to an entirely different tune.