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Richard's Remarks

 

To attack Syria or not to attack? To taper in September or not to taper? To raise the national debt limit or to play politics? Furthermore, the employment statistics look lousy. How about housing? Listen to this -- One out of five mortgage borrowers today remains under water with a loan balance larger than the home's market value.

 

I read the ominous predictions, and there are a lot of them. For instance, how about this one? "Don't even think about jumping back into US stocks after the recent modest sell-off. If margin debt is any guide, and historically it has been an excellent guide, then what we have just seen is a warning of a much bigger Wall Street crash around the corner. The last time margin debt was at present levels was at a previous peak in July, 2007 at $381 billion, just before the global financial crisis hit."

 

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