Friday, October 24, 2008

What was that about the "R" word

One of my simple pleasures in life is witnessing Larry Kudlow's stupidity come back and bite him in the ass. Yesterday after the DOW was up a whopping 2%, Larry and his pals on CNBC was touting the good news. This was more proof that we had hit the bottom and good times were coming baby. Dow to the moon! The Recovery has now begun. Everyone go out and buy buy buy baby.

Man I hope none of you were - or are - silly enough to take the advice of talking dunderheads like Kudlow. Kudlow and his ilk are the equivalent of real estate agents. It is always a good time to buy. Stocks are always a good long term investment. If you don't buy now you will price yourself out forever. And yet, like real estate agents, the general public comes back for advice over and over. Kudlow was talking about a Goldilocks economy in 2007 and all the way through Sept 2008. Most of his guests were yes men who mocked anyone who dared suggest a crash was possible. His guest ratio was usually 5:1 bull to bear, with the bear made to look like the fool.

Well who's the fool now Larry? Futures have been halted today due to a 6% decline in value. Less than 12 hours after you declare the bottom has been reached, markets are shit down. How do you live with yourself?

PS: The day Kudlow say sell, is the day I take out a $250K personal loan and buy every stock I can get my hands on.

No comments: