Another Gary Cooper Rebound – It Isn’t On The Level

by David Stockman
David Stockman’s Contra Corner

Gary Cooper famously told a Congressional committee investigating communist infiltration of Hollywood in the 1950s that “from what I have heard about it, it isn’t on the level.”

I was put in mind of that observation this morning. First, I heard Jim Cramer saying that the bottom is in for Caterpillar and then I read that Goldman Sachs had upgraded its rating on CAT and Joy Global on the grounds that,

“…… the signs of a China recovery now appear to be broadening.”

By the lights of Wall Street and its media megaphones, therefore, global demand for commodities and oil is purportedly rebounding and a reflationary cycle of growth is again underway. Apparently, its time to buy the dip again because the world economy has gotten back into its growth groove.

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