The following is the way my friend, apiarist A. Gary Shilling, sees the world.. "Well, I beg to differ with the 'It's so bad, it's good' crowd. Conditions are so bad, they're bad. All the immense monetary and fiscal stimuli here and abroad in the last five years have failed to offset the gigantic deleveraging in global private sectors. And they're unlikely to do so until global deleveraging is completed in another five to seven years." Whew, and Gary has been right so far. You're skeptical? Don't forget this -- A. Gary Shilling is one very smart guy.
Well, I'm glad that we didn't buy anything yesterday; we didn't buy any stocks or DIAs, and we didn't buy any gold or GLD. If we simply have to buy something, we can buy them cheaper today.
What I thought was so interesting about yesterday's market action was that big drop (75.51 points) in ... Log in or subscribe to continue reading.
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