Malkiel

This Bear's Just About Played Out

This is a crisis of leadership--investors want proof that the people in charge can manage the economy--and you're not seeing the FED pick up on that, nor can we expect any sound or logical policies from Bush in his waning days, so there is no reason to trade or invest heavily and won't be until the November election clears the air. The market has no reason to do anything other than drift lower from here until November. Recession is a psychological phenomenon before it's a material phenomenon, and I see nothing to brake the current psychology...