I don't know why I still watch the news because nothing really matters anymore. Companies are cheap based on "normalized" earnings. No news can disprove that because "normalized" earnings are not something tangible. They are like a nice fantasy that nobody can take away from you. Companies don't report changes to their "normalized" earnings.
So when a negative news report comes out about how Americans are losing jobs, losing their houses and municipalities are going bankrupt, just tell them that doesn't change "normalized" earnings. Then go out and buy your favorite bankrupt company like AIG, Fannie Mae, Freddie Mac or even GM. You'll be laughing all the way to the bank.