Brian Wesbury is one of the best macro economists alive today. He was wrong about the stock market this year. But his skill seems to be Triple Crown, relative to the other blatherers we hear and read.
Which is why I was shocked to read this.
He may hate the prices of these assets, but prices reflect reality. Yes, markets do overreact, but these depressed prices reflect a scarcity of investment capital. Rather than change the prices--like a good Stalinist would--it might be better to change the capital environment, sir.
There are fundamental reasons why seedless table grapes are depressed in China or even in Chinatown, vs. Whole Foods.
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