This is the Paul Rudd stock market bubble

[Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, an ETF of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Stocks are [bubblier than ever](. - There are three ways of [looking at the Capitol attack](. - Trump [can’t pardon himself](. - Boeing’s Max fiasco [wasn’t a two-man job](. Bubble Watch Enters Year 12 Even when you understand the science behind them, some natural phenomena just never cease to amaze: the Northern Lights, moon haloes, Paul Rudd’s immunity to aging. The resilience of the stock market is another one. Global pandemic? Buy stocks. Vaccine for that pandemic? Buy stocks. Big job gains? Buy stocks. Big job losses? Buy stocks. That last bit happened just today: The Labor Department [reported]( the economy shed 140,000 jobs last month, far short of expected small gains. Not great! But, of course, stocks rose, because that is what they must do. And the rationale du jour is pretty obvious, writes Brian Chappatta: [Job losses mean more stimulus](, which is even more likely now that Democrats will soon control all of Congress. West Virginia Democrat Joe Manchin briefly rained on this trade when he [said]( he wouldn’t back the $2,000 stimulus checks President-elect Joe Biden promised to close the deal in Georgia runoff elections. But Manchin quickly [backtracked](, and the stock-buying resumed, as it probably would have anyway. We all know the reasons stocks never stop rising: the Fed, ETFs, Paul Rudd’s face. What we don’t know is how this will end. It has to end sometime, right? And not just because it always does. John Authers lays out the evidence [we are in the “fog a mirror, buy a house” phase]( of another market bubble. Most striking is this chart of cyclically adjusted price to earnings: The eagle-eyed, Paul Rudd-like readers of this newsletter will observe that the “different this time” part of that chart is the red line, which tracks long-term interest rates. They have spent the past year drilling toward the Earth’s core, mining fuel for the blue line above. But what, John wonders, will happen to stocks when rates reverse? And will it be Biden’s supersized [stimulus](, ironically, that makes that happen? Coup Watch: Impeachment Watch Edition Two days later, America is still picking up the pieces — and other, uh, [stuff]( — from the MAGA attack on the Capitol. A police officer has become the fifth [death](. [People]( are being [arrested](. Lindsey Graham is being [harassed](. But what does it all mean? Maybe it’s the [opening shot in a new civil war]( waged by a right-wing fringe hopped up on nonsense media, Jonathan Bernstein writes. Or maybe it’s the death throes of that movement and the first stage in re-solidifying American democracy. Or maybe it’s something in between: the latest growing pains of a democracy that is really just 50 years old, if you think about it. This more nuanced view makes the riot [a bit less of the gift to Vladimir Putin]( it might seem, writes Leonid Bershidsky. It’s still a huge embarrassment to Donald Trump’s onetime fellow traveler Boris Johnson. [He probably regrets getting too close to Trump]( now, writes Martin Ivens, especially considering how little he got out of the relationship. Another big question is what becomes of Trump himself. Last night he released a [video](, apparently recorded under duress in a Tehran hotel, calling for calm and promising an orderly transition to the administration of He Who Shall Not Be Named (Biden, whose inauguration Trump will [not attend](). The video may have been an effort to turn down the political and legal heat on himself. But impeachment is still coming, as soon as [Monday](. Removal is still [unlikely](, but prosecution of some sort is not. For that reason, Trump has reportedly [discussed]( pardoning himself, but Cass Sunstein [explains he can’t do this](. Further Coup-Reaction Reading: Mob [violence is bad for business](. — Brooke Sutherland Boeing Apparently Really Empowers Its Employees This is shaping up to be a better year for Boeing, at least. The 737 Max is back in the air after a long grounding, and the company just settled a Justice Department charge that it misled regulators about the plane’s safety. But Brooke Sutherland notes an odd feature of the settlement: It [pins the blame largely on a couple of Boeing employees](. This … can’t be possible, Brooke notes. Boeing is a big company, and the Max is a big part of its plans, not some side project. For Boeing’s sake (and ours, really), the company had better realize its own part in this debacle and keep taking steps to avoid it happening again. Telltale Charts Biden could address all kinds of inequality by [broadening access to broadband internet](, writes Tara Lachapelle. Further Reading Russia’s [Sputnik vaccine seems as effective]( as the best Western vaccines so far. — Sam Fazeli Last year was a stark reminder you have [no idea which hedge funds will succeed]( at any time. — Mark Gilbert To turn a profit on cars, [Apple should aim for the luxury market](. — Alex Webb It’s not quite clear what [unionizing well-paid Google employees will accomplish](. — Elaine Ou [Qatar comes out of its spat with its neighbors]( not having lost much at all. — Bobby Ghosh Many [Covid studies aren’t very clear or reliable](, but we can’t wait for certainty. — Justin Fox ICYMI Nancy Pelosi said the chairman of the Joint Chiefs of Staff [would stop Trump from launching nukes](. Dominion Voting Systems [sued Trump lawyer Sidney Powell](. Robinhood [might sell shares of itself](. Kickers [Baboons have accents](. (h/t Mike Smedley) Earth has been [spinning faster lately](. Archaeologists dig up a [2,500-year-old temple of Aphrodite](. Early man’s [inability to eat too much meat]( helped domesticate wolves. Note: Please send wolves and complaints to Mark Gongloff at mgongloff1@bloomberg.net. [Sign up here]( and follow us on [Twitter]( and [Facebook](.  Like Bloomberg Opinion Today? [Subscribe to Bloomberg All Access and get much, much more](. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](.  You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. 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