A Quote by Rick Santelli
In normal times, investors should pay more attention to the credit markets because it's the energy by which everything is driven. It's the oil in the engine.
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More and more investors may be coming into markets everywhere but that doesn't mean that the markets are really getting more and more efficient, even in the United States. It does mean that there is more access for savvy investors who watch the money flows.
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From the simplest lyric to the most complex novel and densest drama, literature is asking us to pay attention. Pay attention to the frog. Pay attention to the west wind. Pay attention to the boy on the raft, the lady in the tower, the old man on the train. In sum, pay attention to the world and all that dwells therein and thereby learn at last to pay attention to yourself and all that dwells therein.
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Strong credit markets give companies borrowing options to boost their stock prices while making bearish investors scramble to close out trades before losing any more money, both of which then push the stock market even higher and continue the self-reinforcing bullish cycle.
One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.
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