Our Record-High Stock Market June 30, 2025 Yesterday’s link to The Economist rightly suggested — at least indirectly — that most U.S. stocks are overvalued: No one can predict if or when investors will lose patience, forcing interest rates much higher. Yet there must be a limit to the debt binge. Which prompted one of you to send me the conclusion of “Adam Smith’s” obituary: “We are at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air,” he wrote [in 1968] of a high-flying stock market in “The Money Game.” “We know at some moment the black horsemen will come shattering through the terrace doors wreaking vengeance and scattering the survivors,” he continued. “Those who leave early are saved, but the ball is so splendid no one wants to leave while there is still time. So everybody keeps asking — what time is it? But none of the clocks have hands.” Mallory McMorrow on Trump’s horrible ugly bill: “Ninety percent of Americans will lose money over the next ten years in order to give the wealthiest ten percent more money.” Republican Tom Tillis would rather give up his Senate seat than vote for the damn thing. Two-thirds of Americans are against it — and almost all the rest don’t realize what’s in it. Join Indivisible! Support the opposition!