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Jared Dillian

Please Remove the Punchbowl Before Markets Get Any Crazier

There's a great big pile of evidence that financial markets have reached the speculative mania phase.
Take away the punch bowl.

Take away the punch bowl.

Photograph: Express

Everyone knows that when the shoeshine boy gives you stock tips, it is time to grab the canned goods and head for the hills. It happened to me in 2000 at the height of the dot-com bubble. A San Francisco cab driver gave me advice on trading options. I’m sure most people have had similar experiences in the current bull market. One of my subscribers says he was upbraided by a burlesque dancer (don’t ask) for not owning Bitcoin.

There is plenty of goofiness to go around. You may have heard that Kodak, after missing out on digital photography, is attempting to recover with a blockchain product and, of course, an ICO. A Hooters franchisee started its own cryptocurrency rewards program. Long Island Iced Tea became Long Blockchain and the stock soared five-fold in a day.