Implode-o-Meter News - Wall Street Is One Sick Puppy

... the growth rate of the US economy is in a profound downward trajectory. Based on even the deficient national income and products accounts (NIPA), the growth of real final sales has dropped from 3.6% per annum during the golden era of 1953-1971 toÂ only half that level or 1.8% since the year 2000, and toÂ only 1.1% since the pre-crisis peak in late 2007.
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In fact, the current business cycle is getting long in the tooth and the Fed has crab-walked itself onto the far end of a limb. At 70 months of age, the current recovery is already well beyond the 60-month average of the nine previous business cycles since 1950.

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[For example,] Tesla has raised $2.8 billion in the public debt and equity markets, net of its $465 million "early" repayment of its government loan... Tesla is a cash burn baby. Like much else on the leading edge of the Fed's third and greatest bubble of this century, it is providing absolutely nothing that the market is willing to pay for----and that is even after giving effect to more than $1 billion of green energy credits that have been booked by both the company and its affluent customers.

You might describe Tesla as $30 billion of capitalized hopium, but that would be too generous. In an honest free market, Tesla would have long ago been carted off to the chapter 11 junk shredder.

Relevant:

Wall Street Is One Sick Puppy | David Stockman