I’ve told this story before. A subscriber, a good friend of mine, was sitting in his living room overlooking the Hudson River in New York City. He was watching two large boats approaching each other head on. He said to himself, "This is ridiculous. If they continue on their courses, they will crash!"
"So what happened?" I asked excitedly.
To my amazement, he answered, “The two boats continued on their course and it ended with a thunderous crash.”
I wonder whether this story has any bearing on the approaching debt ceiling. Frankly, I don’t get a good feeling about the calm and confident way the stock market is treating the whole situation. I’m really surprised that nobody applies contrary opinion to the market's remarkable confidence. The Dow, which I place upmost confidence in, has been declining day after day. And I’ve mentioned my worries about the Utility Average, which is diverging ... Log in or subscribe to continue reading.
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