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Politics : View from the Center and Left
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To: Steve Lokness who wrote (58814)4/12/2008 1:38:38 PM
From: Lane3  Read Replies (2) of 542600
 
that might indicate things have a long ways down to go?

As long as the trip is cyclical, there's no reason to visualize abyss. We get abyss when there's no end in sight, when things are so different and so unmanageable that recovery seems impossible. That's sure what it looked like then. Munis paying in the mid teens. It seemed unrecoverable. This doesn't smell unrecoverable, just nasty.
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