Michael, I think you're all over the place here!
Sure, some shorters make money, some even make a lot of money, but most money just dries up.
The Japanese are great savers, but Japanese business is corrupt and inbred. There was and is tremendous cross-ownership. There was incredible land speculation based on borrowed money. In 1989, based on adjacent commercial land values, just the Imperial Palace grounds in Tokyo was worth more than all the real estate in California...the whole state...all of Los Angeles, San Diego, San Jose, and San Francisco included!
There were other factors at play for Tokyo then that are plainly not present conditions here at present.
I'm sure there is a monster buried here somewhere, probably in derivatives, but this market is not being held up with borrowed money, and American businesses are sound.
Bearishness in the Treasury market is getting very high. I'd relax, and see how it goes. The stock market is over-sold, and Yahoo has one or two gaps to fill before I'll worry.
Take a look at @Home's and IBM's charts and tell me the market is falling apart!
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