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Pastimes : The Philosophical Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jack of All Trades who wrote (6082)	10/1/2010 12:14:14 PM
From: Rarebird	Read Replies (3) \| Respond to of 26251

Psychology drives the market more than any other single factor and the idea that there is no downside risk here has excited the crowd. Of course, they're wrong. Any put written by Bernanke on the stock market has to be considered in light of the dreadful inaccuracy of his pronouncements in the past. In the end, earnings matter far more than a psychological crutch. As I mentioned previously, the government has been pumping money into corporate coffers for the last two years in a desperate effort to reflate the economy. Do you call that recovery? Outside of trading, when I look at the economy from the standpoint of the average American, I don't see recovery or end of recession at all. Firstly, I see little (if any) lending by the banks. Secondly, where is the hiring by the private sector? Not that I expect you or anyone else on Wall Street or SI to really care about such things.