This is a classic story with all the usual suspects: fraudsters, willful blindness on the part of investors, greed, lax and ineffective regulators, accountants making bad investment referrals, GOLD.
Watch All That Glitters Part 1 and Part 2 and engrave the plot and players on your memory for lifelong reference. (Hat tip Christian)
There is a contagion among those forward looking indicators that we only see at the onset of a business cycle recession, says Lakshman Achuthan, The Economic Cycle Research Institute, who explains the meaning of recession is a process, not just two consecutive negative GDP reports.
The front end of the earnings season is going to be a mess, because financials report first, says Keith McCullough, Hedgeye Risk Management CEO. It will be all about the guidance, he says, because financial companies are under duress. No matter what happens in Europe, corporate earnings will be ugly.
