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Friday, June 26, 2009

Stocks should be going down, but they're not!

Stocks should be going down; but they’re not. And the more they don’t, the more people think they never will. Feelings change. The naked fear of the crash period yields to a calmer, more ‘reasonable’ outlook…where people think ‘this isn’t so bad’… ‘we can live with this’… ‘we’ll muddle through; we’ll be all right.’

Thus does a dangerous complacency take over. Like the Donner Party, when the first snow flakes fell:

“The mountains are so pretty when it snows,” they said to each other. And while they were admiring the view, the passes filled with drifts.
--from "Curing One Financial Disaster With a Worse One" by Bill Bonner (6/15/2009)

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