Citizens of America are basically cowards. They have no guts and no inner resources to deal with life and the wrinkles it produces. They demand and feel entitled to things that they dont even deserve and their country always keep obliging them with appeasements and favors. Fed have cut rates, Congress has passed stimulus packages, FHA has increased housing limits to $ 729,000 and bond insurers are being bailed out. If that was not enough defaulting borrowers are appeased with promises of principal forgiveness .. the list goes on and on. There is no stone left unturned, yet they keep dwelling on doom and gloom and in fitful rage refusing every overture made to them.
John F. Kennedy once said " Ask not what your country can do for you, ask what you can do for your country". He was a wise man, he knew the laggard and cowpokes and cowards populated his citizenry, he knew these were wee wee babies crying at every instance and they look towards their Government as a general caretaker. He called upon their asses and yelled at them.
Forty years later, It all shows up as a collective emotion in the stock market. It all shows up clear as a bell. Lets turn the page to March 2008.
Negative sentiment overtook lots of positive news today March 6, 2008. Anticipation of Friday's unemployment report intensified into late hour selling binges, fear gripped buyers who did not have any reason to jump into the fractured indexes. The market was broken beyond repair, nothing could have saved it at all. It was a classic fear filled anticipatory panic attack in the last hour.
With anticipatory anxiety in a full gear we managed to bring the market down to its knees again. Its been one week of selling binges and all the indexes are way oversold at this juncture. The thing is cooked and burned beyond belief.
The only thing left was to pee in the diapers and that too will be accomplished on Friday morning.
Hats off to the cowards.
Mommy forget to change you again?