Wall Street players----including the financial press---have been prospering inside the Bubble so long that they do indeed think it is reality.

We had a close encounter  yesterday during an appearance on CNBC. 

The thirty-something anchors were shocked to hear that Washington's upcoming $1.8 trillion 2019 Treasury borrowing might generate a resounding "yield shock", 

thereby upending the current huge stock market bubble where 4%+ bond yields are most definitely not priced in.

The younger of the anchors (age 32) thought the $1.8 trillion was not a problem... Likewise, the senior anchor further averred that we've been there before and that "awhile back" $1 trillion dollar deficits were absorbed with ease. 

To little avail, of course, we pointed out that "awhile back" came at the bottom the Great Recession when private investment had collapsed and the Fed and other central banks had been running their printing presses red hot. 

David Stockman 28 February 2018