i think people in the market have that old jingle stuck in their heads "what goes up must come down", where people translate that to also mean "what goes down must come up" - sure, but as people were amazed to see in the Great Depression, many asset classes simply kept on going down and down and down
we aren't experiencing a speed bump here - if only we were
what needs to be appreciated is that this isn't 'sort of like' the Great Depression - this isn't 'reminiscent' of the Great Depression - rather the global situation right now has all the attributes for very possibly eclipsing the Great Depression
Siren songs of 'the only way is up' (remember Yazz?) are quite misleading right now i believe
and be wary of the silence and stillness that engulfs everyone over Xmas - the sudden disappearance of all the volatility - it (and the Obama honeymoon) should instead be treated with scepticism and regarded as a likely eye of the storm
