By Peter Bernstein

Thursday, February 26, 2009

I don't usually pay close attention to my investments. The other day, though, as I was checking the value of my WaMu holdings (still unchanged), I noticed that the stock market had fallen to the same level as in 1998. Ah, 1998, the Year of Sammy Sosa and Mark McGwire, the home run derby that supposedly saved baseball. And now, more than ten years later, people are wondering if baseball, like the entire US economy, was nothing more than a pumped up bubble of short-term excess. If the 1980s ...

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