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To: GROUND ZERO™ who wrote (111182)	9/12/2018 10:23:24 PM
From: robert b furman	3 Recommendations Recommended By bull_dozer GROUND ZERO™ kimberley Read Replies (2) \| Respond to of 223305

Hi GZ, Not sure if you saw Ray Dahlio's interview on Bloomberg today? He has offered a free copy of his recent book which is an excellent read of the Credit Crisis of 2008. To me this is total entertainment and very educational. A "free"pdf download is available here: principles.com I can't stop reading it but it answers many questions without a political spin and is totally absorbing to read - HIGHLY RECOMMEND ALL READ and absorb a well written book from some very smart people. Just a sample: Bridgewater Daily Observations on January 31, we wrote: (BDO) January 31: The Really Big Picture; Not Just a Normal Recession The “R” word has been used a lot to describe the possible contraction in economic activity because all contractions are now called recessions. However, to use that term to describe what’s happening would be misleading in that it connotes an economic contraction like those that occurred in the US many times before, as distinct from those that occurred in Japan in the 1990s and in the US in the 1930s, which are better characterized by the “D” word (e.g., deleveraging). Contrary to popular belief, a “D” is not simply a more severe version of an “R”—it is an entirely different process…An “R” is a contraction in real GDP, brought on by a tight central bank policy (usually to fight inflation) that ends when the central bank eases. It is relatively well managed via interest rate changes…A “D” is an economic contraction that results from a financial deleveraging that leads assets (e.g., stocks and real estate) to be sold, causing asset prices to decline, causing equity levels to decline, causing more forced selling of assets, causing a contraction in credit and a contraction in economic activity, which worsens cash flows and increases asset sales in a self-reinforcing cycle. In other words, the financial deleveraging causes a financial crisis that causes an economic crisis. I think you'll love the read. Bob