Rosie On Dow 10,000 And The Stock Market
David Rosenberg: "My view is that we are still in a secular bear market...My big concern is that the market has gotten ahead of the economy. The S&P is pricing in $85 dollar of operating earnings which would be a double from where we are right now, and it usually takes four to five years to double earnings off a recession low... The market has clearly overshot the fundamentals. The government should be promoting more of a savings culture...I have a tough believing time you can destroy $14 trillion of net worth in the U.S. - right now bank lending is contracting at 15% annual rate and who is filling the void: the Fed, the FHA, Fannie, Freddie..."
Also some amusing personal anecdotes, the usual smakcdown of former ML colleague Rich Bernstein, coupled with recommendations for consumers to save, not spend (contrary to what the Fed wants you to do).