Leaps of faith are often what drive stocks. This morning I was talking with David Faber, who revealed to me that the M&A activity has now been reduced to levels we haven't seen since November of 2003.
Dark times.
Treasury Secretary Tim Geithner's wrote a terrific op-ed piece today talking about -- reminding us -- how the banks caused the Great Recession. He's pounding the table not to let up on regulation. He's getting lots of press and airtime for his musings.
We had a big deal today in Yelp (YELP), which got a lot of people excited. But what's most exciting about it is there's been so little excitement on the stock exchange floor that it stands out.
Daunting.
We have levels of volume that I expect only to see on semi-holidays or the hottest days of summer.
Nothing good.
Yet Goldman Sachs (GS) and Morgan Stanley (MS) and JPMorgan (JPM) remain the places to be. What's going on?
I think that people know these companies are inventive and creative in their own ways. That they will find SOME WAY to make money and they are not static operations.
They are all collectively leaps of faith at this moment.
But I think the leap remains worth taking.
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