Well ... the markets have improved somewhat since my last post. Many financial stocks have rallied and the credit markets continue to stabilize. I am not saying the damage is over but there have been a few positive signs in the global markets. For example, JP Morgan, a major financial barometer of mine, after trading as low as $14.96 in early March is trading at $31.37 today.
It is healthy and cleansing for the markets when so called experts are taken to task for being DEAD WRONG. It brings some trust, confidence, integrity, and saneness back to the financial system and shows it is functioning properly.
Want a great example? Go to www.youtube.com and watch all the "Jon Stewart vs. Jim Cramer" videos.
Jon Stewart, a brilliant comedian, just eviscerates Jim Cramer, a top CNBC financial expert, for his bad investor advice. In one clip Cramer pounds his desk to buy Bear Stearns at $69
... 11 days later it was trading $2.
It's ok to be wrong but the sin Cramer commits is saying he wasn't wrong he was just taking "out of context". ..... *shaking my head* ..... Jim TV viewers have eyes and ears. Moving on, Jim, the CNBC financial expert, recommends buying Lehman
.....soon after Lehman goes bankrupt and Jim says he never recommended buying it!
Note to Jim Cramer: Have some integrity and admit when you are wrong and move on with your head up.
Note to the global financial institutions: Clean up the bad assets so we can all move on with our heads up in a decent job market.
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