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You know what they say about magazine covers...

Does this say it all?

Here's the source.

"I am doing God's work" ~Lloyd Blankfein, CEO Goldman Sachs
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merrills bull favorite! lol
Great posts, guys.

I'm not sure why (perhaps the inherent optimistic nature of humans) that people just can't grasp the concept of a secular bear cycle. They seem to repeat every 17.2 years on average, to follow a similar pattern, and have obvious fundamental explanations, as is the case now. Yet people fight the idea tooth and nail, and simply won't even consider such a cycle (note that these same people have no problems accepting an endless bull cycle). I just don't get that. I think it prevents the 'right' thing from being done, and additional damage is then heaped on. But, maybe that's part of it. Human nature forces this denial, and that's what makes it worse, and that's all factored in to what makes these secular cycles possible. Hmmm, that's a thought.
Jim, I think that it's the novices, amateurs, and new traders that get sucked in towards the end of each bull market that have been sitting on the sidelines watching their friends make money. By the end of a long bull run everyone knows someone who's done well in the market and like a tornado it's sucking in everyone. Very similar to the housing bubble.

One quote that I will never forget about the bull market in the 80's was a trader saying that he bought some stock and then sold it at a great profit. Later, at an even higher price than he had sold it, he bought it again and sold it at a profit again. He said that after that happened he knew that the market was out-of-control.
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