The Tiramisu Market: Looks Good, But Isn't

NEW YORK (TheStreet) -- One couldn't help but feel the optimism of the talking heads over the past couple of weeks as the espoused their rosy 2010 outlooks. Deep down I know that we're in for a Tiramisu Market.

Welcome to the 2010 market. The top may be good and pleasing for the short term, but underneath we have problems that no one wants to address and that are easier to push to the side of the table. Just give it back to the server. Unemployment is hovering around 10%; growth is stagnant; housing is being propped up by, well, us; there's a wave of mortgage resets and foreclosures; there's a "new normal" in consumer spending (i.e., not a lot); the government printing press is smoking; and Congress is hell-bent on ramming through legislation that no one wants. Oh, and people are trying to kill us. All of us. And unfortunately they're eventually going to succeed, despite statements that "the system works." I wish I could be more upbeat about the prospects for 2010, but after the party since March I'm feeling a little hungover ... and the bill just came. As first-quarter earnings season kicks off, the market will be looking past the cost-cutting efforts that boosted many bottom lines and looking for no kidding, old-fashioned profitability.   Loading Comments...   < Previous 1 2 3 Next >

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