Bill Fleckenstein is still giving loud warnings about a QE-induced stock bubble.
He tells King World News investors are getting drunk at the punchbowl:
What’s happened with money printing this time around is people have gotten a little financially drunk again.
Fleckenstein says the bubble is becoming obvious in tech stocks — which surprises him given what we’ve been through:
We’re working on you know internet badness 2.0 now, with social networking and all the other stuff, Facebook, Groupon and all this other stuff. There’s a lot of speculation in tech stocks now and so there’s a lot of things that you wouldn’t think would be occurring now given what we’ve been through, and given the economic backdrop, but that’s what money printing does.
Fleckenstein says the bulls will be “punished” before the year’s out:
“Trying to guess how high is high and how long it can last is really impossible, and people that try to pick a top will probably lose a bunch of money.”