No One on Wall Street Has the Guts to Say This

Jon Economy, Fiscal Policies, Market Commentary

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
Markets moved lower for the fourth straight week after the Fed kept open the possibility that it will raise rates again in June.
My money is still on a single rate hike later in the year and not next month, but the 12-headed Hydra known as the Federal Open Market Committee (aka The Committee to Destroy the World) said just enough to keep markets worried last week, thus the Dow Jones Industrial Average and S&P 500 are both up a mere 0.4% on the year.
But, considering that these indexes are trading at nearly 20 times GAAP earnings, (and that GAAP earnings are complete bull because they are inflated by billions of dollars of bogus non-GAAP adjustments (see Valeant Pharmaceuticals Int’l Inc. [NYSE: VRX,] andSunedison Inc. [OTC: SUNEQ]), this is better than investors deserve.

This post was published at Wall Street Examiner by Michael E. Lewitt ‘ May 22, 2016.