Bull markets are born on pessimism, grown on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.
People think what's in the US today is capitalism. It's not even close to capitalism. Capitalism doesn't have a central bank, capitalism doesn't have taxes, it doesn't have regulations; capitalism is just voluntary transactions. What they have in the US today I call crapitalism. But it's sad that so many people are confused and they think, 'Oh that's free markets in the US', when it's one of the least free market countries on earth.
If a frog is placed into a pot of boiling water it will immediately try to jump out; but if it is placed into a pot of cool water that is gradually heated until boiling, it will stay put and never try to jump out.
America really started to die when the Federal Reserve was founded, and it really started to die in 1971 when the gold backing was taken away from the dollar, and this currency with Ben Bernanke just printing up or counterfeiting as much money as he wants and destroying the economy is really destroying the economy.
We are living in a culture entirely hypnotized by the illusion of time, in which the so-called present moment is felt as nothing but an infinitesimal hairline between an all-powerfully causative past and an absorbingly important future. We have no present. Our consciousness is almost completely preoccupied with memory and expectation. We do not realize that there never was, is, nor will be any other experience than present experience. We are therefore out of touch with reality. We confuse the world as talked about, described, and measured with the world which actually is. We are sick with a fascination for the useful tools of names and numbers, of symbols, signs, conceptions and ideas.