The market goes through these bizarre mood swings. All of a sudden, people are concerned that we're in a soft patch and that it may get worse before it gets better.

Because of competitive pressures, it is difficult to raise prices. Companies have to raise their productivity, which keeps inflation down.

The Fed's going to be raising rates because it realizes that good times will be followed by bad times, ... To have a rate of one percent whenever we have bad times again is simply not prudent.

The Fed stopped raising rates in 1995 and I think they will do so again in 2006.

These people could be in some serious trouble.

It's been clear that the Fed concluded rates were too low,

Nobody believed in the model when it said that stocks were 60 percent overvalued and nobody believes in it now. Valuation is like beauty -- it's in the eye of the beholder.

The bigger bubble is actually in the financing of homes.

The bigger bubble is actually in the financing of homes. Mortgage lenders have loosened their lending standards. Rather than telling a lot of would-be buyers, particularly in places like California, that they don't qualify, they're coming up with all sorts of so-called innovative alternative financing.

After rounding up all the usual bearish suspects to blame for the market's disappointing performance this year, I've narrowed the problem to the price of oil. Investors fear that higher energy costs must eventually depress earnings growth.