I really enjoyed this interview from this morning:

David has a great perspective on the markets, economy and the government’s role in our economy. A couple highlights:

• Despite being a “perma-bear”, David was looking for an extreme bottom to become a big time buyer.  We never reached those levels.
• He believes the market should be trading between 850 and 900 on the S&P.
• Most of the recovery is dependent on the government
• Skills, education and productivity should be the focus… not consumption and home ownership
• We completed a 25 year period of living above our means; now we’ll have to live below our means.