the sub-prime is falling!!!

OK, I admit it.  This bull (not just because I’m a Taurus) started growing claws the last few weeks, with the news stories flowing about AHM, IndyMac, First Mangus, Thronburg, Green Point, Countrywide, and countless others.  I’m an eternal optimist, with a realist bent, but even my closest business friends were walking about with one raised eyebrow since early August.

As I have heard and repeated many times before “if you do a rain dance long enough, it’s going to rain”. 

“Is our rainy day(s) here?”, I asked.

“Just look at the papers and listen to the news”, I was told.  Ohhhhhh, of course.  

Well, refreshingly, lawyer, writer, actor and economist Ben Stein, as usual, helped put things in perspective for me this morning:

” FEAR CAN TRUMP FACT Today’s news media will “catastrophize” anything they can. The subprime mess was always much smaller than the media let on. (See my column of two weeks ago.) In a nation of our size, in a world economy on fire with prosperity and liquidity, the losses were not large, but the media endlessly tried to scare us. ” Ben Stein 8/26/07

See the rest of Ben’s NYTimes article here:  Avoid the Craziness and No One Gets Hurt