Check out the newest Doug Kass article on www.thestreet.com here.
Here's the most important excerpt in my opinion:
"Consider the following four data points:
1. Six trillion dollars of wealth has been lost in home prices over the last year and a half.
2. Eighteen trillion dollars of wealth has been lost in global equities in only seven weeks.
3. Deleveraging continues to restrict accessibility to credit.
4. Job losses are accelerating.
The Great Recession is now upon us and will be with us for some time to come.
Stocks don't lie; people do.
Throw away your S&P 500 corporate profit estimates for 2009 through 2011, and disregard the economist you watched on CNBC yesterday morning and the other strategists who talk of mustard seeds and a consumer-led recovery next year -- it's pure pabulum.
Stocks will, at times, afford us trading opportunities, but, for the foreseeable future, we will get no satisfaction in investing opportunities.
Only the most facile traders should be on the playing field."
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