DOW 13,000

I read a couple of months ago that some fund manager at a fund overseeing billions of dollars predicted the DOW at 13,000 by year end. (By the way, the book "DOW 30,000 by 2008" is still in stock at Amazon if you rush.) Today I read one who said the "U.S. economy is on solid footing" and another who said he was "scratching his head" on why the market is doing so poorly the past couple of weeks. Both of these individuals also work for companies managing billions of dollars, one tens of billions. And so . . . I am scratching my own head, and a few other things.

Either these fund managers are idiots who cannot be trusted with balancing their own check books or they are (perhaps) puffing a lot to keep their clients investing and the commissions coming. Either way they are serving no purpose to society in general as they are truly ignoring reality. There are plenty of reasons the market is down of late - most of which have been around for years and are getting worse, not better. Just ask those in Greece and Spain. Austerity is our future.

http://www.bloomberg.com/apps/news?pid=20601010&sid=a10kjBAhN1q4

Disclosures: None