So many people are bearish, so many experts are wringing their hands over subprime lending, so great are the fears of a credit crunch, that you should be … bullish! It isn't just the media's dirge about mortgage defaults that will supposedly ripple everywhere. Normally sounder-thinking Main and Wall Streeters are worrying themselves to death about the economy. It took just one lightning-quick month, beginning in mid-July, for the popular consensus to go from optimism to pessimism. A rapid switch like that never happens around market tops, only corrections. The bears are wrong.
In the Sept. 17 column I detailed why we have no real credit crunch, scarcely even a hunch of a crunch. By the time Halloween is over, the credit crunch bogeyman will have disappeared along with the ghosts and skeletons.
~ Ken Fisher, "Credit Goblins," Forbes, October 15, 2007