Kass: How a Year-End Rally Could Materialize

This blog post originally appeared on RealMoney Silver on Nov. 17 at 8:03 a.m. EST.

For nearly a decade, a surplus of cash has led to a shortage of common sense in the lending and borrowing of capital, and the markets are now in disarray as a financial hurricane has wreaked havoc upon the world's economies.

In a haze of uncertainty, market participants' visions of our economic future remain cloudy. That uncertainty and the loss of investor confidence and liquidity are manifested in historic intraday swings, suggesting that investors see a very wide range of possible economic outcomes.

A crisis 10 to 15 years in the making does not get fixed overnight. ...