Kass: Market Loses Its Mojo

This blog post originally appeared on RealMoney Silver on Feb. 2 at 7:57 a.m. EST.

People are getting the mood of the age in their inboxes. How many emails have you received the past few months from acquaintances telling you in brisk words meant to communicate optimism and forestall pity that "it's been a great ride," but they're "moving on" to "explore new opportunities"? And there's a broad feeling one detects, a kind of psychic sense, some sort of knowledge in the collective unconscious, that we lived through magic times the past half-century, and now the nonmagic time has begun, and it won't be over next summer. That's not the way it will work. It will last a while.

-- Peggy Noonan, "Look at the Time," The Wall Street Journal editorial (Jan. 30, 2009)

The terra is no longer firma. We have likely entered The Great "Decession," something worse than a garden variety recession but better than The Great Depression. ...