is mostly an accurate assessment. However, always having been a value stock investor based on earnings and reasonable P/E's the crash in these new market stocks was inevitable with or without big Al's help IMHO.
The part of your message that I would like to draw attention to is the emphasis on the amount of power that certain people and offices have to push the bond and stock markets in any direction they choose whether or not the reasons are personal gain, political favor, or for the good of the US economy. Many shortterm decisions that are announced are made for the benefit of those in these positions. That is why it is important for investors not pay too much attention to the day to day noise and to try to pick up the trends such as interest rates, nasdac, etc.
Many politicians go into office poor and come out rich. I doubt that they come out rich because of their superior saving habits.
Just one example: If Bill Clinton had to pay income taxes on all of the personal legal fees that someone else has paid for him since he has been in office it would make for an interesting amount.
I may be wrong, but I have visions in my head of lobyists with atache cases full of cash targeting politicians on certain issues where they need votes for their clients. Politics is and has been corrupt since the beginning of time and it ain't likely to improve any time soon.
In such an investment environment where nothing rational or logical happens it is tough to make a buck when an investor thinks rationally when placing his/her bets in the market. Now if you throw in investor greed, that makes it impossible to make a dollar!