Watching Bloomberg TV these past few weeks has been almost comical. There’s been a deluge of bad news lately, especially for the financials. Write downs in the tens of billions. “Investments” that are now selling for pennies on the dollar. Yet every time such bombshell news hits, Bloomberg newscasters invariably ask whoever they are interviewing, so now all the bad news must out of the stock so it has to a good time to buy, right?
Uh no. The subslime debacle has turned into a worldwide credit crisis and this won’t be resolved any time soon, no matter how much Bloomberg cheerleaders want it to be.