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Politics : Formerly About Advanced Micro Devices

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From: tejek	7/3/2008 10:53:52 AM
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Overblown Depression Talk 7/3/2008 10:20 AM EDT "In the souls of the people the grapes of wrath are filling and growing heavy...." Steinbeck was talking about Oklahomans, and not investors when he wrote this. But with all the Depression talk hitting the financial headlines, we all might as well beat the traffic and drive to California right now to pick peaches with the Joad family. (If we could afford the gas to get out there.) As Dr. Ed Yardeni points out in his weekend briefing, the press is getting hysterical with references to the Great Depression. Bloomberg reported last week that "U.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression." The FT headline: "Stocks on course for worst June since the Depression." As Yardeni reminds us, the June drop of around 10% isn't the worst monthly performance since the big D. The worst drop was a 12.4% smackdown in September 2002. The S&P 500 finished down 8.5% in June, while it fell 11.0% in September 2002. Says Yardeni, "That happened to be a great time to buy stocks." Okay, maybe I'm just trying to cheer folks up before a long holiday weekend. But, to quote Steinbeck again, "I know this... a man got to do what he got to do."

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