Alan Greenspan last week okayed a tax cut on the grounds that the surplus might otherwise become so big for so long that the government would be forced to buy up the U.S. stock market.

I was in London last week. Investors and the political community there are in a smug mood. They accept that the United States is probably heading into a recession, but this is of little importance to them. Compared with the U.S. stock market, European stock markets appear modestly valued (their optimism here is also somewhat […]

As a Bear, there are periods when the stock market is particularly satisfying, and the economic and earnings numbers released each morning cause a contented growl. This is one such period. However, even within this enjoyable landscape there are certain sectors which are particularly Bearishly attractive — they form, if you will, Bear Food.

As a Bear, one has had few good belly-laughs in the last ten years. But we Bears were rolling in the aisles watching market action after the Fed interest rate cut on Wednesday, with the Nasdaq rising 14 percent in one day and then giving most of it back to end down on the week. […]

As my fellow business writer Ian Campbell and I have suggested repeatedly over the last few months, recession is now well on the way — the National Association of Purchasing Management survey today only confirms this.