I have no problem with bearishness, and a good deal of it is warranted right now, with an economy in recession, markets tanking, the Fed’s riding in for the rescue, and so on. But most financial blogs — and their commenters, in particular — are bearish way past that point, with they and their commenters in an echo chamber muttering darkly about canned food, plunge protection teams, a bullet-less Fed, and on and on. It’s bleak and apocalyptic at the best of times, and now it’s a relentless and somewhat bizarre mixture of Calvinist moralizing and noisy negative-triumphalism.
And to be clear, I am equally critical of the always-be-buying up-with-the-economy crowd. Their indefatigable and illogical boosterism in the face of contrary economic evidence is merely wealth-deflating. But that said, I don’t get the same conspiracy-minded moralizing from them, more just fuzzy-headed cheerleading.