Wall Street cheerleaders have been telling everyone that a rebound is right around the corner ever since the credit crisis hit last summer. The only people still believing that are George Bush and John McCain- that's why McCain again this morning told us that the economy is GREAT! Main Street is no longer buying the BS. Bush departs with his second recession in motion and one that the world will remember for a while. McCain still is confused, not quite sure if he knows anything about economics and still believing the lie that the "fundamentals of the economy are very strong."
Richard Bernstein, chief investment strategist at Merrill Lynch, said in a note that didn't mention his own firm that it's too early to call a bottom.
"Whereas many may argue that this weekend's events are the events signaling a bottom to the global financial crisis, we continue to believe that the global financial sector will go through massive consolidation for quite some time. Simply put, there is too much capacity in the financial sector, and that capacity must shrink," he said.
