To All, Bill Meehan didn't "myth" the mark on CNBS this afternoon. Though he covered the mania concept very well, Bill's great strength is in answering the questions raised by the ever-bullish talking heads. Such as, why is this time any different? Uh, rates are higher, the dollar stinks, valuations are out of control and the Fed is no longer supporting the mania. But, Mrs. Lincoln, other than that, how did you enjoy the play? <g>
Another I liked was when Bill Griffith said that cos. are reporting good eps. Bill answered with the truth, rarely heard on CNBS, that the earnings are "expected" to be good, they haven't been good yet. And that they are being compared to a horrible quarter last year when the entire financial system nearly collapsed.
Last year we were told to ignore the third quarter because it didn't matter with the Fed cutting rates. This year, we are being told that the third quarter of last year is now the platinum standard by which we should judge progress. <g> What a bunch of goofs the bulls are. You have to wonder how long they can continue to fool each other with such silliness.
Good job, Bill. |
