I pulled out my Barrons from July 14th and August 31, 2008. The front cover in July was about how Housing was bottoming, and credit markets were recovering, and it was a sure bet to buy a house.
Other articles mentioned how bad the credit market had been, but that there was solid evidence that they were recovering, and that there was no chance of a serious crises. this was in both papers, as it was obvious that no financial problem was going to happen just becuase a few sub prime mortgage companies had gone under. The fed had saved the day.
The spx was at 1290 the end of july, which another article mentioned was a bargain, as it had fallen 18% since the top 10 months before, and had been down the required 20% earlier in July, so the bear had been avoided.
I kid you not.
