STUPID

Every day we are pelted by a barrage of meaningless economic blather.  Everyone has their own favorite Stupid Anlayst.  I'd like to cite Jim Paulsen of Wells Capital Management as my current Biggest Moron in the Finacial World, as he consistently mouths the most astounding bromides:

A) The market it incredibly cheep at 12 times earnings.

Why is this stupid?  Because current accounting standards render earnings figures completely meaningless.  Armies of lawyers are employed by all major corporations to hide the true value of companies though legal Off Balance Sheet Structures, Excluded 'One Time' Items, and Fantasy Mark to Model Values for Junk Assets.

B) Companies have record cash on their balance sheets that they're all set to put to work.

Why is this stupid?  Companies also have record debt on their balance sheets.  And there's no evidence they have any desire to put the cash to work.

C) Confidence is picking up as the rebound broadens.  HUH?

D) We're seeing an expansion of consumer credit. 
      Yeah, along with an erosion of earned income.  That's how we got in this problem in the first place.

E)  Finally, Gold stocks are set to outperform bullion as confidence returns and the Dow surges.
      The Dow has gone nowhere for 10 years.  Gold has quintupled over the last ten years.  Gold stocks have underperformed bullion by a huge margin for the last ten years.  Every factor that has caused this to be so is currently intensifying.