by Wolf Richter
Wolf Street
The magic of Consensual Hallucination.
The simple fact is that corporate earnings data is out there for everyone to see, but no one wants to see it. Instead, everyone wants to see and believe the sweet fairy tale that Wall Street and Corporate America spin with such skill just for us, because if everyone believes that everyone believes in this fairy tale, even knowing that it is a fairy tale, it will somehow lead to ever higher stock prices.
This is part of a phenomenon we’ve come to call “Consensual Hallucination.”
But that fairy tale got spun to new fanciful extremes in 2015.