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The market is at a crossroads. You either listen to people in the club whose vested interests represent trillions of dollars, and who will be wiped out should market prices fall to anything approximating economic value, or you follow your nose.

As for me, I cannot in good conscience do anything more at this point than to go to day trading, in cash every day (USD during one day, Euro or Yen for a few hours the next). I regret that my position is of little help to the huge majority of you, but I have done what I can do, and I have little more to give.

My problem is that I have lost all respect for the system. It is clear to me that Humungous Bank & Broker, for the most part, are flat-out liars. Politics is strictly controlled by Party machinery who are bed-mates with HB&B and their Friends & Family, a few of whom control corporate America.

What is happening in the US today is little different than in Russia or China except that there is a pretense offered to Americans that the leaders in government, industry and financial services are serving the public.

There is a once great investment bank called Merrill Lynch (MER) that I think is now toast. The stock price was almost $100 a year ago, recently well below $40. Yet a Goldman Sachs (NYSE:GS) man is parachuted in from the NYSE and in a matter of a couple months has a personal income of $84 million. This is sick. If I worked at Merrill Lynch today, I would walk out in disgust.

Like I say, you listen to these people or you follow your nose.

Source: Losing All Respect for the System