Doug Noland: "He's Back..." (Bubbley Paul McCulley)

``The views espoused above from (inflationists) Adam Posen and Paul McCulley epitomize today's bullish thinking. From Posen: "I'm not worried that there is an imminent financial stability problem for the U.S. Once you've had a bubble, you are less likely to have one soon afterward." And from McCulley: "We don't have to be worried about the Big One. We had the Big One, and you don't have another Big One after you have had the Minsky moment." "So we're having a once-in-a-lifetime revaluation of assets. I think it's kind of cool." ... As background, for years I referred to Paul McCulley as a leading "inflationist" as well as my "analytical nemesis...." ''