Exactly. Talk to people that are not on SI. Almost 100% are still fully invested in stocks/mutual funds. Almost 100% still defer all their money to their 401(K) and other retirement plans and right into the same mutual funds. Almost 100% still believe, "for the long haul", "always come back", "where else can you make money?", "I believe in the market", etc. Almost 100% are still in the "where can I put my money to make the most" rather than "where can I put my money to preserve it" mode -- or put another way, almost 100% are still in a "bull market" frame of mind and not a "bear market" frame of mind.
I'd say almost 100% DO NOT expect the Nasdaq to break 1375 or the Dow to break 8000 or the S&P to break 944. I'd say almost 100% believe that the Sept. lows were the start of another bull market.
I'd also say that almost 100% of Americans are Sheep -- almost 100% are clueless -- almost 100% have lifestyles way above where they should be -- almost 100% are in debt -- almost 100% think real estate cannot crash -- almost 100% either like CNBC or can't even tell you where the stock market is on any given day (that is, they know nothing, or they swallow anything wallstreet tells them).
I'd say almost 100% are in for a rude awakening. Continue to watch as debt get defaulted on at the highest levels and quickly spreads to the lowest levels as well. People will be wishing for a recession before this has run its course. Higher basic needs prices (oil, gas, electricity, etc.) coupled with lower unnecessary needs prices (electronics, software, etc.) are coming. Since the American economy has "transitioned" to the unnecessary needs category, people will get the worst of both worlds -- investments go down, companies default on debt and lay off workers, people have less money but have to pay more for what they really need.
Bad Mojo.
I remain,
SOROS |
