We have all missed the point. I too have been critical of PS in the past. I now realize that half the people are below average intelligence. Ok technically half the people are below the median. If you look further into the problem, average intelligence is normalized to 100 so in effect half the people are below are below average intelligence. Ok the point is if you followed that you are probably not the half that is below average intelligence. What we need for this bust is for the Irrational Exuberance to change to Irrational Pessimism. Why is propaganda used? Because there are so many idiot’s that don’t think for themselves. We need board sweeping comments about Armageddon to get the sub-par members of this society to freak out and cause a panic. Therein lies the difference between a 20% correction and a 50+% correction. If everyone has a level head at -20% and doesn’t start panicking the market may indeed level out. If at that point Irrational Pessimism takes over then who knows 50,60,70%… . Maybe the world will end! Go preach it on the mountain sister! 🙂

On a more serious note did that sign twirling idea about the housing bubble ever get off the ground? We really need to get the Propaganda machine organized!