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Force Majeure Markets~ How long can this Alice in Wonderland Market ignore the numbers?
The cat, having once landed upon a hot stove, will not sit on a cold one again.
A few of these expensive painful lessons, and we learn the lesson for good.
There is indeed a time to sow, and a time to reap, unto every season.
Ecclesiastes 3
1To every thing there is a season, and a time to every purpose under the heaven:
2A time to be born, and a time to die; a time to plant, and a time to pluck up that which is planted;
3A time to kill, and a time to heal; a time to break down, and a time to build up;
4A time to weep, and a time to laugh; a time to mourn, and a time to dance;
5A time to cast away stones, and a time to gather stones together; a time to embrace, and a time to refrain from embracing;
6A time to get, and a time to lose; a time to keep, and a time to cast away;
7A time to rend, and a time to sew; a time to keep silence, and a time to speak;
8A time to love, and a time to hate; a time of war, and a time of peace.
http://www.youtube.com/watch#!v=aNopQq5lWqQ&feature=related 4:01
So what about here right now?
Last March we called these markets force majeure markets, because they were clearly manipulated by the Fed and Treasury to cover up decades of financial mismanagement coming home to roost in months of reckoning.
Of course respected establishment figures repeated how brilliant the bailout rescues were.
Big Bankers and Treasurers apologized for not seeing the signs.
Unlike many who saw the wreckage and remained confirmed bears, we remembered what Sir John said about buying at the point of maximum pessimism, which took six patient months to see.
