By CCN Markets: Morgan Stanley economist Ellen Zentner told clients today that June may be a rough month in the economy, going so far as to suggest “June Gloom” is looming. This comes on top of a similar warning two weeks ago from the very same Wall Street firm. The latest research note reportedly states: “The decline shows a sharp deterioration in sentiment this month that was broad-based across sectors.” Zentner is often solid on many things. On the most recent note, however, she’s off base. Morgan Stanley is relying on its proprietary Business Conditions Index (BCI), which reflects pivotal moments
Jordan Belfort, the penny-shares scammer portrayed by Leonardo DiCaprio in Martin Scorsese’s film, has been weighing in on bitcoin recently. After featuring in the CNBC documentary, Bitcoin: Boom or Bust, he has been hitting the interview circuit. But should we pay any attention to a proven con-artist?
Greater Fools Theory
Belfort has previously said that bitcoin 00 relies on the ‘Greater Fools Theory.’ So people only buy believing that there will be a ‘greater fool’ who will pay a higher price than they. He should know more about this theory than most, having earnt 22 months in jail through abusing it.
One of Wall Street’s most infamous scam artists continues to pound the table on bitcoin, predicting that the flagship cryptocurrency is primed for a crash that he has dubbed the “bust ‘heard round the world.” Jordan Belfort, who spent 22 months in prison and was ordered to pay back more than $ 110 million in restitution
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