Re: OT: WSJ Article 03/03/2009
- From: Jim Janney <jjanney@xxxxxxxxxxxxxxxxxx>
- Date: Thu, 05 Mar 2009 17:31:14 -0700
memiki <memiki@xxxxxxx> writes:
http://online.wsj.com/article/SB123604419092515347.html
Right. It's just a little downturn, nothing to see here, move along.
And it'll fix itself if Mr. Obama will just leave things alone. Wall
Street is clinging to its illusions.
I see the current situation as an avalanche. The housing collapse was
the cornice drop that started things moving, but there are enough weak
layers still hidden under the snow (deleveraging and credit default
swaps, for starters) that it's got a long way to run yet.
And we won't get back to business as usual for a long time, no matter
who's in the White House. If American consumers start to live within
their means, as they seem inclined to do, a global contraction is
almost certain. A bigger problem is demographic: too few workers
trying to pay for too many retirees.
--
Jim Janney
.
- References:
- OT: WSJ Article 03/03/2009
- From: memiki
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