Thursday night's passage of Wall Street reform is an event to be celebrated, but several key issues remain in play as the House and Senate iron out differences between their respective versions of the legislation.
A healthy financial system would have been able to absorb the subprime shock. But our financial system, wildly overleveraged, crumpled after just one blow. If we don't fix the leverage problem, everything else will be for naught.
Bear markets are difficult experiences, but they provide unique prospects. I believe we will look at the present U.S. stock market valuations as perhaps the best investment opportunity of a generation.