Bear Assets

The time-honored stock market lowdown,
In a global economy slowdown,
Is: a market advance,
Like a loose pair of pants,
Proves that what may go up, has to go down.

Stock markets around the world on Thursday heeded the lowdown on the slowdown, and proceeded to go down. Grim economic signs were intercontinental: in the US, where the Fed warned of "significant" downside risks to the economy; in China, where the latest manufacturing data appeared weak; and in Europe, where the crisis of banks and sovereign debt showed no sign of resolution. Proving that bad fundamentals trump all in the stock market, the S&P 500 sank 3.2% to 1130, and other indices also reversed recent gains. Ironically, belt-tightening may not help the situation, but that is a limerick for another day.