Albert is happy!*
Combining Fed-bashing and #OWS, life doesn't get any better!
*From our May 4 post on Albert:Albert Edwards, Societe Generale’s in-house uber-bear, has a doozy of a new note today stirring the Fed, income inequality and the housing bubble into one big cake of Class Bitterness.
His general thesis is that the banking sector is unfairly getting too much of the blame for income inequality and general economic misery of recent years. Instead, he writes, the Fed deserves most of the blame, for blowing up a big housing bubble that papered over rising income inequality.
When that bubble burst, everybody got soaked, but particularly the middle class, which suddenly did not have artificially inflated home values to make it feel rich any more....MORE
Albert does not wear the devil-may-care look well:
In fact he appears a bit deranged when he tries to smile.
Regardless, we are fans...
Société Générale's Albert Edwards on Income Inequality and Serial Bubble Blowers (Nov. 23, 2011)