Senate Vote on Fed Chairman Likely to Be 'Very Close': Aide - CNBC.
There are plenty of reasons to remain skeptical of market valuations and of market and economic expectations for 2010. However, this potential event is, for me, at the top. I've said repeatedly over the past year that Bernanke's actions at the Fed were the only positive actions any branch of the government has taken to counter the credit crisis and the recession.
So, for getting things right, while others get things wrong (think Geithner), Bernanke's possibly on the way out. Combine this with overly optimistic earnings growth expectations and a White House push for further financial institutions regulations, which will likely prove ineffective and counter-productive, and you have enough evidence to expect a market correction. Market participants despise uncertainty more than anything and that is about all we have right now.
Jim Cramer thinks a 1,000 point correction (I'm assuming for the Dow), which would be another 10% (on top of the 5% from this week). I've thought for several months a 15-20% correction would occur in 2010 and that seems more and more likely now.
There are plenty of reasons to remain skeptical of market valuations and of market and economic expectations for 2010. However, this potential event is, for me, at the top. I've said repeatedly over the past year that Bernanke's actions at the Fed were the only positive actions any branch of the government has taken to counter the credit crisis and the recession.
So, for getting things right, while others get things wrong (think Geithner), Bernanke's possibly on the way out. Combine this with overly optimistic earnings growth expectations and a White House push for further financial institutions regulations, which will likely prove ineffective and counter-productive, and you have enough evidence to expect a market correction. Market participants despise uncertainty more than anything and that is about all we have right now.
Jim Cramer thinks a 1,000 point correction (I'm assuming for the Dow), which would be another 10% (on top of the 5% from this week). I've thought for several months a 15-20% correction would occur in 2010 and that seems more and more likely now.
