[ExSES]

Laszlo Birinyi is one of the few guests on Larry Kudlow's CNBC program who voice caution and understand that it isn't "Different This Time"! 75% or more of Kudlow's guests are "Perma-Bulls" who continually tout the economic nirvana!

Birinyi has a very good grasp of economic cycles and is quite interesting (though between his heavy accent and being frequently "cut-off" by Kudlow, one has to listen carefully...)

[Defiant]

As John F. Kennedy once remarked: "The great enemy of the truth is very often not the lie--deliberate, contrived and dishonest--but the myth--persistent, persuasive and unrealistic."

He should know, his whole life was a myth. I would bet that someone even wrote that quote for him.

[ReleaseTheHounds]

I remember a long article in the Sunday New York Times in 1982. Then, too, we heard that while the bear market was in its final stages, investors should not buy until we saw "capitulation," when investors simply give up and lose interest in buying. With many stocks declining and hitting new lows, the wise men quoted even suggested that this was not likely to happen until early fall. Alas, the article appeared after the market made its low and never looked back.

I know it's always fun to pick on the NY Times, but I think a better example would have been the Business Week cover story published that same spring (if I recall correctly): "The Death of Equities!" This article made the case that the equity markets were probably doomed for the foreseeable future. And the Ronald Reagan boom began August 17, 1982 starting with the Dow at around 750. Ah, the Mainstream Media!