get ready for the second leg down .. jp morgan, page-6

It is interesting how bears and bulls sort of exist in two different universes
the bear case seems to look at the world through the eyes of expanding debt, irresponsible reserve banks and asset inflation, lower interest rates below inflation and gold

the bull case seems to focus on using debt to increase the return on equity and increase earnings
increased earnings potential leads to higher prices on the stockmarket and bigger dividends

They are like two alternative discourses. For years Gerard Minacke a bear was thought to be out of touch with reality and his bullish colleagues shane Oliver and Craig James (i think is his name)

But reality has changed and the discourse that seems to most accurately reflect it is the one proposed by Gerard Minacke. Now James and Oliver are looking a bit out of synche

every dog has his day I guess.

I also notice that Oliver seems to talking a lot like Minnake now. But not to the degree of course.

For some reason you can't seem to be both a bear and a bull at the same time. It is like you either inhabit one universe and not the other.

the dow is down about 75 pts as I write and the asx will probably be red again tomorrow.