As stock and bond market investors around the world don their armor and battle helmets this morning, remember the immortal words of F.D. Roosevelt: "The only thing we have to fear is fear itself."
Of course, FDR didn't have $75 billion invested in home mortgage derivatives.
And since one year ago The Famous Author and I said the market was THEN ready for a turnaround (Wrong wrong wrong), our crystal ball has been confiscated along with our Fannie Mae, AIG, and Lehman stock. We are no longer allowed to prognosticate.
So we'll just sit back and watch our last remaining pennies disappear in the worst financial market we've seen in more than 40 years.
The shorts are winning!