Things are seldom what they seem, Skim milk masquerades as cream; Highlows pass as patent leathers; Jackdaws strut in peacock's feathers.
I imagine the bulls are thrilled to pieces that the government has whored itself out to Wall Street in the grandest way possible and saddled future generations with yet more debt that can never be repaid. The bulls probably think it's party time.
They're wrong.
Even some of my most beloved readers think I have overstayed my welcome in the bear's land. But let me tell you my point of view.
If the government, to date, had the political courage to have done absolutely nothing, the bear market would already be over. We would have seen the Dow a couple of thousand points lower, there would be sweeping financial damage. And we'd be done by now. And this delicious market, which I've been enjoying so much, would have left town, and I'd be faced again with trying very hard how to be a bull.
But…………
The government has interfered, and interfered mightily. At every possible turn, they have stuck it to the taxpayers so that Henry Paulson would line the pockets of his golf buddies. And, having done so, he has handed me a gift. The gift of a bear market that is going to go on for another six years or so.
It won't be all down. And it won't always be easy. But, instead of getting all the pain out of the way, Paulson has created a situation where I'm going to get to wallow around in honey for years to come.
I think what is happening is a complete disgrace. But the perverse irony here is that the bulls are about to get smacked worse than ever, and they're not going to know what the hell to do next.
