Laurence Fink kindly asks all you financial journalists, bearish money managers and talking heads to shut the hell up about a stock market bubble.
Everything's fine, the BlackRock chief wants to assure. Totally normal. "I think things are playing out as they should," he told a Wall Street Journal executive-breakfast session. So stop talking about things going wrong, damnit: The Finkster promises us that the old crisis is basically history and that we won't see two crises in a row.
In the Gospel According to Larry (books on video edition), we learn that
- the fact that the dollar is in the crapper is great news,
- risk-transparency is improving (he thinks),
- and those funny derivatives that sent the global economy into a two-year long tailspin the likes of which haven't been seen in 70 years are "a good thing."
Oh sure, he sees some problems ("Where will capital come from to finance America next year?") and admits some missteps (he totally whiffed on the commercial real-estate thing). But even there, a silver lining: Things are looking up, and BlackRock is back in that business.
So, boo birds, stop wishing it all to go wrong. Larry's betting on good karma.
BlackRock's Fink: Forget 'Bubble' [WSJ]