Readers Put Markman on the Hot Seat

Fear and retribution are in the air this month, as the markets continue to cascade down despite decent numbers on the economic front. Are investors panicking, or are they being realistic? That's the question on many readers' minds, as we start a new feature: Supermodels Inbox.

Question: It's time for you to face the music on your bullishness for the economy and stocks. In several columns this year you wrote that both were gaining strength that would last through the year. In one you quoted mail from readers who tried to set you straight. One said, "Be careful spewing out all the hurrahs that the bull market has returned. We are going through a typical bear-market trap. Come mid-year, the markets will turn down, and the real carnage will begin. Save this e-mail for future reference." Another said, "Your article about a 'recovery' is about the stupidest article I have read this year. Get a job that you are suited for, like flipping burgers." So I'm wondering, how's the fast-food training coming? -- Gene Jackson III.

SuperModels: Would you like my answer well-done or medium-rare? Of the 27 columns I've cooked up this year, I count seven in which I expressed bullishness on the economy. And in a couple of those, a certain hopefulness about stocks was sprinkled in. It was a mistake to mix those two ingredients, so let's separate them. ...