This bear market has lots of people scratching their heads, especially the so-called gurus of capitalism and self-proclaimed Masters of the Universe (by the way, this is a great time to go back and read Tom Wolf's classic from the 1980's,

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The stock markets around the globe have been absolutely battered. While the US is down over 43%, most foreign markets are off over 50-80% from their highs….just brutal…and amazingly fast. We’re looking at something like $10 trillion in global market losses in just the last couple of months.

Just a follow-up to this mornings update. Beginning tomorrow we will begin to see coordinated rate cuts globally, and the US FED will aggressively drop lending rates to approximately 1%....or an all-time low.

Right in front of our eyes we are witnessing the most serious threat to our financial system in 70 years, and anyone that tells you that it’s almost over is either guessing or just hoping. I’ll go so far as to say that I believe CNBC will face a huge class action lawsuit in the coming days and weeks,

So...will this finally be the blow off? The 1000 point down Friday, followed by another black Monday? It sure looks like it and as I've been writing, this will get very ugly before its all over. I would not be surprised to see some real panic finally start to set in.

Today, before Congress, God, and everybody, our old buddy Alan Greenspan will be speaking about subprime lending, the debt crisis and the resulting recession. And more specifically, about his role in it. Greenspan, the Federal Reserve Chairman under Bush, Clinton,

Many of us experienced the inaugural m3 together. No doubt about it…one of the best experiences of a lifetime. Hungary is a truly beautiful country that has rebuilt itself, time and time again, from more wars than most can even remember.

Anyone watching CNBC, and listening to their advice, is getting their heads handed to them in this market. They are doing everything they can to be positive and "talk the market higher" and of course they are dead wrong. This recession is going to be the worst of our lifetime and 99% of the population is not prepared for it.

How time flys...the older I get the faster that clock ticks. Remember when you were a kid and it seemed to take forever for that school bell to ring at 3? I guess this means that we just have to take advantage of every waking moment. I like that game plan.

I woke up this morning to CNBC and more negative earnings results, and thought back to my days as a financial advisor and venture capitalist. Its never been more difficult for the average person to invest in the stock market and don't look for that to change anytime soon. People are waking up to the reality of this economic crisis and wondering if they should get out,

As you know from my posts of the last couple of months I believe the stock market is going to be a tough place to be for some time. Bear market rallies can be very powerful, and can even retrace 50% of their losses. However, I very much doubt that this will be the case in this particular bear.

The announcements coming from the US, and global governments, clearly indicate that they will do ANYTHING to avoid a global economic meltdown. This includes “forcing” the largest banks and financial institutions in the US to take billions upon billions of dollars via government equity stakes.

The founder of Chesapeake Energy, Aubrey McLendon, was today forced to sellall of his shares today..margin calls..he had bought stock all the way up to$90.on margin.and now he's wiped out in less than a week. The stock closedat $16 today.

I’m writing this because I want you to be as prepared as possible for what is coming. The following views are my personal opinions on what I see happening. Confidence in the system has been lost. What we’ve seen so far is just the beginning, and it truly makes me sad to have to write this.