A bit of wisdom... Contrarian investor Bill Fleckenstein: "It's difficult to have a strong opinion about where the market is headed considering there are so many moving parts as to what the government continues to throw at the market," he says. But Fleckenstein believes the fundamental problem hasn't changed. And that's the housing crisis. "I think the underlying problem is that houses are priced wrong as compared to people's incomes and the economy is not as strong as most people thought because it was fueled by people taking money out of their house." Unfortunately, there could be another shoe to drop. Fleckenstein isn't a fan of government involvement in the markets. "I think (regulators) are going to create another epic problem although I can't tell you what it's going to be," Fleckenstein says. As a result he expects a rough ride in the days to come. "One thing that's clear is that the economy is in for some rough sledding."" ...and that's the bottom line. Until people can afford the houses they live in there's going to be no end to the carnage
