Sooo, how 'bout those financial markets, eh? I don't hold with any of that fancy market timing, but I'm feeling happy about all those stocks I sold to buy bonds earlier this month. Actually I am always bearish about the market in a way that's too thoroughgoing to be helpful, like when I was railing against the internet stock bubble back in the day. I was "right" in the sense that it was unsustainable, but if I were actually managing money at the time I would have been creamed shorting everything in the world about a year and a half early. When my banker said in November that the risk of a total meltdown and recession were already priced into financial stocks I laughed, hollowly. Could the US really head into a protracted recession? I say yes, but I always say that.