Making Sense of Market Correction: The Excuses Make No Sense

[Mike 03]

Like many of you I've been concerned (not surprised) by the recent market correction, but what shocks me is not that is happening but the lame excuses the Talking Heads are providing as to why it is happening. We have:

1. Difficulties in Europe (not without substance, but not enough to justify this level of panic)
2. "Revelation" that Europe is China's #1 trading partner. (This surprised me, to be honest, but it is not a sign of calamity)
3. "Uncertainty" regarding the passage of Financial Institute Reform. I regard this as flat-out bullshit. This is more akin to a talking point than a legitimate point. This is just politics.
4. "Uncertainty" regarding (fill in the blank): The oil spill, earthquakes, volcanoes, bank failures, "dark pools" of liquidity, "dark pools" of ill-liquidity, unseen Collateralized Debt Swaps, civil unrest in so-called developing nations (acknowledging up front that is a condescending term), civil unrest in developed nations...

I do not accept any of these simplistic, condescending explanations for why our economy is on the edge of complete collapse. But I would love to know what others are thinking right now, because I do believe this prospect of recovery is basically an illusion, set into motion years ago when irresponsible brokers invented unrealistic equity instruments, and when that president whose name I can't type got us into useless wars we could not pay for, and blew the surplus President Clinton left us.

My bottom line: This economic calamity has been a long time coming. And my fear is that it is not even close to being over, although I wish it were.

EDIT: One spelling correction

[SpiralHawk]

1. The putrid fruit of Republiconomics

come home to roost -- and to crap on all the 'little people'