I keep Bloomberg TV on all day. The big job of commentators is to keep talking. Again, I want to remind subscribers that 90% of what the commentators talk about is to try to explain the market's current action.
You need to remember that the market's function is to discount, to forecast, to deal with conditions three to six months ahead. Thus, yesterday's miserable market action is telling us that business conditions from October to next spring will be very harsh. This is a bear market, not a punch bowl party, and the bear is telling us that the good times are coming to a close -- and that we should prepare for harder times ahead (which is why I inserted Bob Dylan's "warning poem" on yesterday's site).
So please, cut down on your spending and try to eliminate debt. Cut out frivolous things you can do without. It's really time to ... Log in or subscribe to continue reading.
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