Growth in the U.S. is slowing, along with Asia and emerging market economies. This is occurring under the context of a continued reduction of Fed asset purchases. Meanwhile, U.S. market strategist are busy looking at the weather charts trying to find excuses.
The U.S. markets opened with a rebound today after yesterday's selloff, so go figure. Like I said, who knows why indexes bump and grind on a daily and intra-daily basis? But these larger issues are very much worth keeping a close eye upon.
Investors have short memories. Keeping that in mind, you might want to print this column and save it at the ready. It is timely reading this week and without any doubt will be again -- sooner than any of us want to admit.
Part of what will make reforming Wall Street possible is to move Wall Street out of the center of our focus... to take away the celebrity element that has been part of its culture for the last 30 years.