I didn't say the market is correctly pricing anything. I'm saying if it is correctly pricing securities, then it can't be used as evidence they are nonviable.

I didn't say the market is correctly pricing anything. I'm saying if it is correctly pricing securities, then it can't be used as evidence they are nonviable. I mean, circular reasoning is one level of stupidity, but getting it going with a counterfactual is just enraging to me.