The Recession of Fear

This week marks the one year anniversary of that dreadful day in March 2009 when the Dow hit 6470. The only real difference between then and now is the “Recession of Fear.” It is not clear that things are a lot better now than they were then other than we don’t think the banks are going down for the final count. For most of us, it’s still hard to get credit, a mortgage or a loan. Unemployment seems frightfully high. Consumers are mostly keeping their wallets shut. The big change is that fear has definitely receded. However, fear of stocks remains very high.