pairadox

Lower Markets Are Still to Come

The current rally reminds me of the October 2007 buying frenzy, when the market peaked in the face of horrendous news. Banks reported multi-billion dollar losses, and talking heads said they were "coming clean", the financial crisis was over; but economist were telling us the worst had yet to begin. When GW, the king of spin, says, "Hey, guess what? We've been in a recession," I worry, that we may be careening toward depression.