My friend Doug Kass wrote today on the perma-bear cult in financial markets. As I said to Doug this morning, he is spot on, although I would add that the cult also has an entertaining penchant for purging from its ranks people who break bearish faith. Woe betide a former perma-bear deemed "less bearish"!
The perma-bear cult, of which I have often been accused of being a member, is an especially strange clique that often sees the clandestine plunge protection teams saving the U.S. stock market at critical points. They have never met a government statistic they like but instead see the U.S. government as "massaging" and revising employment, inflation and many other economic statistics in order to paint a positive picture. They express contempt for second derivative economic improvement and never or rarely ever see prosperity. They view seeds of recovery as Superman saw Kryptonite and extrapolate economic/stock market weakness to the extreme.
And they never ever or rarely make money.