The financial news media are no exception, and although I've tried to demonstrate their folly in the past, I don't have the nearly the expressive talent to illustrate this as does John Stewart:
Clearly, estimates that predicted the good times to keep rolling forever were flawed. But it's important to note that the reverse may also be occurring today: doom and gloomers dominate the financial news, but astute members of the public will recognize that this is simply the result of the media once again exaggerating the situation - this time to the negative. Investors who buy when others are fearful and sell with others are greedy have done well in the past, and should continue to do so going forward.
Note that Cramer actually appeared on Stewart's show last night. You can watch the full interview here.