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This is a "Rent", Not Own Market

One of the best pieces of work I've read on this current market was recently pubslished by John D. Hussman, PhD. of the Hussman Funds. 

What is sure to a be classic quote for years to come is as follows:

If our only response to excess consumption is to pull out all the stops trying to "stimulate" consumption every time it falters; if our only response to reckless lending is to defend the bondholders every time their poor allocation of capital threatens to produce a loss for them, then quite simply, we will destroy our economy, our future, and our standard of living. The last thing I want to be is a cheerleader for the bears here. But quite honestly, it's difficult to envision a return to long-term saving, productive investment, and thoughtful allocation of capital until - as happens every two or three decades - the speculative elements of Wall Street are crushed to powder.

Read entire artcile here:  www.hussmanfunds.com/wmc/wmc100712.htm



Disclosure: Short ES_F