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Extraordinary popular delusions and the madness of crowds

Charles Mackay proves prescient once again: "Forget Logic; Fear Appears to Have Edge".

"Selling first, and asking questions later", indeed. Call me contrarian, or just reluctant to take action, but I'm holding onto all of my investments right now - and might even drop some spare cash on the market which appears to be approaching its bottom. The market will rebound eventually, and we all just need to grit our teeth and get through the next year or so of financial pain. Meanwhile I'll be counting on President Obama to fix the unfair income tax code and introduce long-needed regulation to the financial system.

October 8, 2008 in Current Affairs | Permalink