The below statement is in agreement with my comments last week that it is my belief that people cause recessions. Just like sheep, a greater percentage of TV watchers believe nearly every bit of economic and political news that come from the mouths of the 6 PM spin-doctors.
In the same thinking process I also believe that people cause bear markets, not fed policy.
We believe one major answer lies in the vested interests. Until now, Wall Street firms, analysts, and media have been very successful in convincing the public to ignore rising interest rates. They, more than anyone else, don't want Wall Street's party to end. And if nothing more, they were quick to encourage a belief that the Fed would "save the market" if necessary to prevent a bear. But to tighten rates a full ½% pt... and accompany it with warnings of more rate hikes... and to do so after the Nasdaq had already lost 30%... planted an important seed-of-doubt in investor psychology. All of a sudden, the implied support (from the Fed) doesn't seem to exist.
Although the main thrust of the linked article was well founded in facts I really do take issued with the below comments, as I believe they are agenda driven rather then based on historical facts.
If a bear market has begun, why not follow a buy-and-hold strategy?
Wall Street insiders and mutual funds would have you believe that if you stick with the big-name or high-growth stocks and follow a buy-and-hold strategy, you can't go wrong. Historically, that's just not true. Here's another way to look at it...
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