The US economy was following Japan into a long, slow slump.

The force of a correction is equal and opposite to the deception that preceded it.

The 1990's was the best calendar decade in history for stocks, with an annual gain on average of 17.5%.  This decade, by contrast, was the worst calendar decade for stocks.

We are supposed to believe that investors can avoid the calamities of the past by studying what happened in previous market cycles.

Consumer price inflation is what everyone is counting on. The debts of the past need to be reckoned with.

The financial world keeps working its way through this period of great confusion and uncertainty. Nobody knows what to think. Nobody knows what anything is worth. Nobody knows what to do.

Debt is going down largely because households are defaulting.

Markets are closer to living things than to inanimate objects.  They have hearts, souls, and a sense of humor.

The US stock market is still in "bounce mode."  All bounces come to an unhappy end.  This will be no exception.

Don’t blame businessmen for being confused.  The press reports make it sound like it’s back to business-as-usual.