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Corporate Forecast: Fraud with a Chance of Obstruction
-- July 9, 2002
More corporate scandals are about to rain down. And the umbrella President Bush is offering is the size of a thimble!
That's why investors have continued to dump their stocks and run for cover.
Investors know that Wall Street needs more than just a stern "talking to" before it will change its ways and before confidence will be restored. Unfortunately, President Bush's proposal, even if it is implemented fully, won't reform Wall Street. And it certainly won't wash away all of the rampant fraud that exists right now.
Plus, corporate fraud aside, the underlying economy is still running into a ditch ... stocks are still wildly overvalued ... and earnings are getting worse by the week, making stocks even more overvalued. That's not a forecast for recovery -- it's a forecast for disaster!
Wall Street Sells Off Again