The quote of the day comes from Marc Faber via Fleet Street News:
Meanwhile, the cop who had the Wall Street beat when the biggest heist in history was going on… and who engineered the loans to AIG and GM… is now the chief of police. Tim Geithner said he was working night and day on [...]

In keeping with my the-sky-is-not-falling meme, I want t present yet further evidence that major market bears are increasingly seeing this market as a stock picker’s dream. We’re talking about Steven Leuthold, Bill Fleckenstein, Fred Hickey, Jeremy Grantham and Marty Fridson. Let’s add Marc Faber here as well.

This prediction does make for a scary headline and gets Louise Yamada some buzz. But, Yamada is a technical analyst and is saying absolutely nothing about the fundamentals here. You should also note that Jeremy Grantham has said similar things about the S&P hitting 450.

I was just discussing the recent revelation by the Federal Reserve’s Don Kohn that the Fed has secretly been aiding the banking sector via AIG (here, here and here), when it was pointed out to me that a number of smart investors have been following the “follow the bailout money” meme. Witness Warren Buffett.
He [...]

After another brutal day in the market, whether the market is bottoming does not seem like the question on most people’s minds. Ten stocks declined for every one up today — and on heavy volume. Retail investors are clearly switching into cash and bonds judging from the recent price action. Yet, an increasing number of long-time bears are becoming ever more bullish as the market declines. Witness famous investor Steven Leuthold.

Bill Fleckenstein is a well-known money manager and write over at MSN Money. He has been fairly bearish on the medium-term outlook for U.S. equities and technology stocks in particular for some time. His viewpoint stems from what he sees as a reckless monetary policy. Witness his book, “Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve.”

In a Fortune article about how the market is hitting new lows, Jeremy Grantham predicted we will see a material new low. He’s talking about 600, or mind you, 450 on the S&P 500. Now, that’s low.

Nevertheless, he’s fairly bullish here.

James Galbraith, a well-known professor at the University of Texas-Austin has joined Paul Krugman in declaring Barack Obama’s nearly $800 billion stimulus plan too small. Below is a video from the Wall Street Journal explaining why the stimulus is not enough and what needs to be done with the banking plan.

Fellow econblogger Michael Panzner of Financial Armageddon was on Bloomberg TV and radio today telling folks what all of this credit crisis, bear market, nationalization stuff really means for globalization, the U.S. and stocks.  He recently wrote a book on this very topic called “When Giants Fall.”
He is not at all upbeat about the prospects [...]

Everybody is talking about nationalization. The latest trigger is the Citi discussions with the U.S. government to convert taxpayers’ preferred shares into common equity.

Below are a few Bloomberg video clips from just this morning where experts including Marc Faber, Peter Hahn and Bloomberg’s Tom Keene talk about nationalization. It is a very controversial issue. Hopefully, these clips will give you different viewpoints on the subject.