"The display cases of the nation's Rolex boutiques are stripped as bare as a San Antonio supermarket after a polar vortex. It is difficult to think of another plague that has been accompanied by quite so much high-end conspicuous consumption..."High-end Jeeps, Toyota trucks, Range Rovers, Corvettes, the Mercedes S-Class, and other rolling emblems of mid-American ostentation are going as fast as they can unload them..."The wine shops are doing an astonishing trade in $750 bottles of Chateau Margaux, and if you want to buy a new Rolls-Royce or Lamborghini, you'll be lucky to take delivery sometime toward the end of 2022 – and they'll act like they're doing you a favor."
"More than half [of US consumers] say they only have $3,000 or less combined in their savings and checking accounts. 31% of American households say they or someone in their family has used all or most of their savings during the coronavirus crisis."
"What has this flawed financial system cost the US economy?...We estimate these costs by analyzing three components: (1) rents, or excess profits; (2) misallocation costs, or the price of diverting resources away from non-financial activities and (3) crisis costs, meaning the cost of the 2008 financial crisis. Adding these together, we estimate that the financial system will impose an excess cost of as much as $22.7 trillion between 1990 and 2023, making finance in its current form a net drag on the American economy."
"The long, long bull market since 2009 has finally matured into a fully-fledged epic bubble. Featuring extreme overvaluation, explosive price increases...and hysterically speculative investor behavior, I believe this event will be recorded as one of the great bubbles of financial history, right along with the South Sea bubble, 1929, and 2000."