Folk, credit where credit is due. Skol has done very well by going with the flow while some of us have been losing out on big profits whilst waiting for the excretia/cooling device thing to happen. Myself and many others have said that this time it's different against Skol's opinion that it's all happened before. Well, here are some facts re why "it's" different this time.
As Chris White of Dewiler Fenton noted recently (hat tip Art Cashin), lots of things have changed since the last peak in 2007:
Dow Jones Industrial Average: Then 14164.5; Now 14,304 GDP Growth: Then +2.5%; Now +1.6% Unemployed: Then 6.7 million; Now 13.2 million Food Stamp users: Then 26.9 million; Now 47.69 million Fed’s Balance Sheet: Then $0.89 trillion; Now $3.01 trillion Debt as a Percentage of GDP: Then ~38%; Now 74.2% Total US Debt: Then $9.008 trillion; Now $16.43 trillion Consumer Confidence: Then 99.5; Now 69.6 VIX: Then 17.5%; Now 14% 10 Year Treasury Yield: Then 4.64%; Now 1.89% Gold: Then $748; Now $1583 NYSE Average daily volume: Then 1.3 billion shares; Now 545 million shares.
Well, make of that what you will .. gut undeniably, "it's" different this time.
Skol is a smart person and hopefully for him when we Gold Bugs are finally proved right he does well again.
