This part of the poll I find amazing.
Corrupt corporations 38852 46%
Yes the corruption has contributed to this recent plunge, adding to the downside momentum as the bubble tried to correct, but anyone who looks at charts would realize that all the indexes were on their way to doing exactly what they are now in early Sept. 2001 and September 11th changed the roadmap totally, giving us that instant capitulation we are all looking for now.
It speeded up the bubble deflating process, but when it reinflated from Oct to December, but the P/Es, earnings growth and fundamentals were not their to keep it inflated.
I think this was inevitable, corruption or not. Bubbles don't just deflate a bit and then run up again, they collapse.
It was also all the gurus and media analysts - John Murphy, Bill O'Neil, Cramer, so many of them - including many SI gurus -proclaiming that Sept was THE bottom.
NOT.
The media and the analysts deserve some of the blame also IMO.
That got so many people chasing stocks (like running EMLX back to 50 and KLAC and NVDA to 70) to the upside, thinking they'd never see lower levels...
Greed is too blame also, but no one's going to admit it was greed that caused much of this! |
