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What Makes America Great

We are in a bear market.  This is plainly obvious.  Though I believe that a screaming bounce is coming, I think the market will ultimately go lower.

However, as I listen to the overwhelming negativity and pessimism in the market, I think we must remind ourselves that this is not the end of the financial system.  We will get through the mess.

David Rosenberg, in Merrill Lynch's morning market memo today - which I read religiously - made an excellent observation about America.  Given the mass depression in which investors are currently submerged, I am hoping Mother Merrill's lawyers do not mind me posting his words, since words of encouragement are in order.

Let’s assess what makes America great, and why it is that credit collapses and market plunges are not generally permanent, but rather temporary features of the landscape. What makes America a powerhouse, even in the most dire economic and market condition in the past 7 decades?

•    The Constitution
•    Check-and-balance political system
•    Property rights
•    Stable legal system
•    Quality education system
•    Highly skilled work force
•    Enormous wealth
•    Natural resources
•    Population that is both diverse and unified in purpose
•    Strong infrastructure
•    Strong productivity
•    Labor mobility
•    Military might
•    Strong work ethic (our finance officials work weekends)

As a foreigner in America, I would also include

  • The natural optimism of the American people and their belief that any problem can be solved.

This, too, will end, eventually.  That I can promise.

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