Stock correction in bears' crosshairs
It was because of an unregulated and gigantic financial world that the financial crisis spread, and only through massive global government interventions that a recovery was engineered.
But notions of success and failure aren't the same with unemployment at 10% in the U.S. and growth seriously threatened in Europe.
Paul Mendelsohn, chief investment strategist at Windham Financial Services, notes that both Greece and Goldman serve to reinforce a mistrust of governments and currencies. See story on gold reaching four-month highs.
Contrarian successStill, contrarian investors betting that stocks would continue to climb the proverbial "wall of worry" during the month of April have earned their stripes, or can claim, at least, some degree of success. The Dow gained 1.4% for the month, while the S&P 500 gained 1.5% and the Nasdaq jumped 2.6%.
Beyond the reality of the very serious problems faced by Greece and the risks of contagion, or the legal troubles at Goldman Sachs and at other financial firms, the past week's slump comes in the context of a stock market that's increasingly shown signs of exuberance -- of the irrational kind.
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