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<p>[QUOTE=&quot;World Colonial, post: 2421362, member: 78153&quot;]TINA is closely related to &quot;Miss Rosy Scenario&quot;, the famous dame from the 1980&#039;s who reappeared after the &quot;Great Recession&quot; with the &quot;green shoots&quot; and current on-going economic &quot;recovery&quot;, the weakest ever.</p><p><br /></p><p>Most of TINA is a reflection of moral hazard, &quot;reaching for yield&quot; and financial intermediation.&nbsp; Government creates moral hazard through acting as &quot;lender of last resort&quot;, the Greenspan/Bernanke/Yellen put and various insurance and guarantee schemes, such as FDIC deposit insurance and mortgage guarantees.&nbsp; Most financial assets are managed by intermediaries who are lot more worried about underperforming their benchmarks than prudently managing their clients money.</p><p><br /></p><p>Combined with government induced moral hazard, this is how financial professionals can rationalize recklessly managing most everyone&#039;s money.&nbsp; In the Bizarro world government has created, it has actually made sense to buy and continue to hold historically absurdly overpriced assets even with leverage.</p><p><br /></p><p>As a professional money manager, in a bull market if you underperform your peers, your clients move to your competitors. In a bear market, they will either leave anyway or switch to asset classes (like MMMF) with lower fees.&nbsp; So they might as well get as much as they can while the going is good.&nbsp; Additionally, if they are wrong and lose most of someone&#039;s money, they can still claim they were prudent because most of their peers are doing exactly the same thing.[/QUOTE]</p><p><br /></p>

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