End of the moron's parade

-- Four months after a European Union- led bailout, Germany’s biggest bond dealers say the worst is over for the region’s most-indebted nations.
Yields on government bonds of Greece, Spain, Ireland and Portugal will fall to within 2.2 percentage points of benchmark German bunds on average in the next two years from 4.61 percentage points last week, according to a Bloomberg News survey of 15 banks that trade directly with Germany’s debt agency. HSBC Holdings Plc, Europe’s largest bank by market value, Goldman Sachs Group Inc. and Societe Generale SA advise buying securities sold by Greece.--
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Finally the most ridiculou financial market assault is over. Many who followed the gurus have lost their shirts, and rightly so. Any person who believes in what Krugman, Stiglitz or Roubini and many more of these American pundits are saying deserves to be punished. There are two kinds of stupidity: one is following one's own stupidity, and this is often the way to finding the fool's gold. Yet following the stupidity of someone else, particularly of the Krugman, Stiglitz, Roubini kind, is not just being stupid the way we all are. It is the stupidiy of the real fool. That's why those who followed their advice rightly so deserve to lose their last shirt, and I hopelfully pray that it is their last shirt so that they never have a chance to show up again in our business, which is serious.