<<We shall see. But I can guarantee you one thing: the Naz ain't crashin' tomorrow>>
Jeez, somebody better tell Luc, and quick!<VBG>
I agree that all this negative stuff we talk about is known by anyone who matters on the street. The only real issue is how much weight to give each issue, ie, indebtedness, currencies, inflation and energy.
As far as overcapacity goes, yes, one way or the other it will be shut down. But what about overcapacity with respect to the workforce? If unemployment goes to, say, 5% by the end of the year, it won't be pretty for lenders or residential real estate.
Finally, a nice piece by Steven Roach today, might be worth a look (yeah, I know, he's a permabear...but he argues his points well...click on "pushing on a string":
morganstanley.com
Nice call, BTW!
Regards
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