Monday March 30 2015
Monday March 30 2015
We have featured numerous examples of excess wealth on display the last few months. Here is another.
Saleen creates a $73K Mustang.
“From the beginning of this project, we have always known that we wanted to create the most powerful production Mustang we have ever built,” said Sven Etzelsberger, Saleen vice president of engineering. “I can happily say that we have accomplished this goal with great success.”
That statement is a metaphor for the new highs in stocks created by stock buy backs propelled by zero interest money.
Interestingly the article mentions that Saleen is rumored to be broke, the metaphor with the US Govt is stronger than ever!
Market tops are typified with the desire to show off. The WSJ re labeled its real estate section on Friday from Distinctive Properties to Mansions after the 2009 real estate melt down, the latter word is more fitting for a market that has risen even further. Expensive watch ads abound on pages two and three in the WSJ. And the race to produce more powerful, and more expensive autos continues with the Bugatti and some Ferrari models now stickered at seven figures.
In early February a Gaugain painting fetched near a record $300 M. Do you see it? Autos, real estate, watches, and artwork are all making highs along with stocks. Social mood is expansive, the very opposite of where it was in March 2009.
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