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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: eddieww who wrote (53279)1/3/2001 12:07:52 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
yes, that IS the cause. i believe that economy-wide there has been an incredible amount of malinvestment, and credit being directed into non-productive ventures, mostly asset bubble investments. the proof is in the pudding...even with the economy growing at a blistering pace in the first two quarters, default rates on junk bonds were reaching recessionary levels. imo the slowdown will result in a mountain of bad debt weighing the economy down, and it will take much longer to work out than generally expected, and be extremely painful.
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