Absolutely not Pat. Warnings season continues for over 3 more weeks. In fact, 30-40% of all the warnings will come this month.
My point is that we're already going to either have a recession, or just skirt one. These cuts, in order to stave off a near recession, should have been in mid-late 2000, ie, reversing the 50 bp raise in June.
In fact, that 50bp raise in 2000 was, as we shall soon see, unnecessary.
Mr. Shobin's point is that he's laying a good foundation for a strong up cycle again, but can't stop what's already been created.
Steve
PS: Yesterday's reaction, while fun, was emotional. I agree with many technicians that in order to determine if we've seen the bottom, we've got to test bottom point again.
Ugly thought, but technically valid. |
