The Bears Growl

Henry Blodgett reports on the Bears:

•Soros says our banking system is "basically bankrupt" and consumers have debt coming out of their ears.

•Roubini thinks the market is discounting a "v-shaped" recovery and will therefore be disappointed with a "U"

•Robert Prechter (Elliott Wave guru) says the bear market resumed in September. Prechter, of course, is predicting a full blown Depression

Here's my take on the Bears and the economy:

Soros usually has an agenda, but he is right about the banking sector. The problem is that under the fractional reserve system it always has been.

Roubini, of late, has been masquerading reports on the latest uptick or downtick as forecasts. Rather than pay attention to any alphabet forecasts from this character, lets move on to digits and give him a big fat zero.

Prechter follows waves, so I never follow Prechter.

My forecast: M2 is down big and the stock market and economy will follow, soon.