Private Sector De-leveraging: A Rally in a Bull Costume

Bill Bonner View the original article. March 10, 2010 12:18 PM Yesterday marked the one-year anniversary of the rally. The Dow rose a piddly 11 points. Gold sold off $1. This rally has gone on for so long most people think it is not a rally at all, but a new bull market. Worldwide, it has taken equities up some 73%…making it one of the greatest rallies ever. What are we to think? Are we alone in thinking it?s still a trap? What happened to the problems that led to the crisis of ?07-?09? If you don?t think about it too much you might think everything is fine. Stocks are up. Business profits are up. GDP is up. Housing and unemployment seem to be stabilized. What?s not to like? The recovery is a done deal as far as most people see it. The rescue efforts, initiated by the feds, were a big success…or so they believe. It has been 12 months since the bottom…and the world still has not ended. Everything is back to normal…isn?t it? The problem in ?07-?09 was that t...