This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Kass: Fear and Loathing on Wall Street

This blog post originally appeared on RealMoney Silver on Feb. 17 at 8:59 a.m. EST.

"I hate to say this, but this place is getting to me. I think I'm getting the Fear."

-- Dr. Gonzo, Fear and Loathing in Las Vegas by Hunter S. Thompson

It has been several months since I have published a lengthy assessment of where we stand (and in what direction we might be going) in the economy and in the stock market. The intention of today's exercise is to lay out my baseline expectations for 2009, so please excuse the length. (For the abridged version, go to the last six words at the end of this column.)

Fear and Loathing in Las Vegas was a novel written by Hunter S. Thompson that originally appeared as a two-part series in Rolling Stone magazine in 1971. Twenty-seven years later, it was adapted into a movie starring Academy Award winners Johnny Depp and Benicio Del Toro.

Though initially criticized, the book has become required reading for students of American literature. Rolling Stone magazine's literary critic, Mikal Gilmore, wrote that the book "peers into the best and worst mysteries of the American heart" and that the author "sought to understand how the American dream had turned a gun on itself." The critic went on to write that "the fear and loathing Hunter S. Thompson was writing about -- a dread of both interior demons and the psychic landscape of the nation around him -- wasn't merely his own; he was also giving voice to the mind-set of a generation that had held high ideals and was now crashing hard against the walls of American reality."

It all sounds familiar, doesn't it?

The "wave speech" at the end of Thompson's eighth chapter is considered by many to have most completely captured the hippie zeitgeist of the 1960s. It is a metaphor for our economic state as well.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs