It's October 13th...
Except for the Chilean miners, news all around has been fairly bleak.
Employment figures as predicted are actually much worse than the gov has been letting on.
Bankruptcies are matching the 2005 high.
And we've heard that waitresses and floor sweepers make up the paid professionals, that have been reviewing and signing off on foreclosure documents. I've been saying for many years our financial professionals don't understand their own paperwork and financial instruments, and it turns out, I was correct.
But the stock market ignores all of this and remains resilient in the face of poor economic tidings. Perhaps the fact that Goldman Sachs has now put a freeze on foreclosures because of the massive fraud uncovered in it's own robo-signing departments has been uncovered, is the reason?
There are only 18 more days left in the month. Though the economic news is as crappy as I expected it to be, we haven't seen any sort of recognized downturn. So far, my prediction has not come true.
It would be nice if it didn't, and the fundamentals improved. Still, even if I missed this call, the continued degradation just increases the severity of the correction to come. It's better for us to take our lumps as they come, rather than put them off until they become disasters. But that not how we do things in the USA.