Naysayers on TV act like boobs

TWO weeks ago we had the TV financial follies, screaming about the sell-off and how the Trump rally was over — despite 13 consecutive months of gains, a record.

The bats came out for commentators’ favorite piñata, the president.

Then stocks had their best week since 2011, rallying straight back up about 1,700 quick points.

On Tuesday, the intellectually lightweight “analysts and economists” were nibbling their nails in worry over the “CPI inflation” number, which showed real price increases for the first time in quite a while. And it’s true that bond yields (which move in the opposite direction of bond prices) backed up to 2.9 percent — 73 clicks higher than on the prior day.

So stocks cratered for a bit — and then, when the faux analysts weren’t looking, equities took off and rallied about 435 points from their lows to close Wednesday up 253 points.

What just happened here? How could stocks not go down with bonds?

Allow me to educate these tyros. You see, the 10-year Treasury note is actually a read on prosperity and growth most of the time.

Historically, when the economy is strong, rates are much higher. Over the last 50 to 75 years, rates on the 10-year note have averaged about 6 percent.

During the Reagan and Clinton years — arguably the two strongest economic periods in this generation — interest rates were two to three times higher than today.

Since Clinton’s presidency, rates have been falling, as have real wages after health care, college tuitions and other costs are figured in.

Under Trump, Americans have quietly begun to do better today than they had just a year ago — or many years before that.

And that prosperity is what is ultimately driving the bond market into the ground and yields through the roof. But most talking heads can’t comprehend that good growth equals good wages and good stock returns while rates rise.

Sorry, naysayers, you may have to sit back and enjoy this. just