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     hilarius
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Username: hilarius
Post Number: 3656
Registered: 04-2004
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| | Saturday, September 27, 2008 - 09:20 pm: |  
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Good Evening
A noted author not too far from this Forum has suggested that the process of deleveraging may be proceeding too fast, and that measures are needed to restore confidence, so that the process can be slowed
The background to that suggestion is said to be the credit bubble which has been building for 30 years and which could have consequences for "at least a decade"
Confidence restoring measures are said to be needed to avoid a crash
I agree with all those views, and I have the following questions :-
(1) Is it a global crisis or can it be quarantined to the USA and Europe?
(2) If it extends further will anyone be immune?
(3) Can a global crash be avoided?
(4) What measures could break the cycle of falling confidence?
(5) Would a crash be better or worse than a decade of deleveraging?
(5) Do we in fact need a crash to cleanse the economic system of its weak and rotten areas, at the price of weakening even the stronger parts?
I await comments breathlessly
With Best Wishes to All
Hilarius
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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hilarius
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Username: hilarius
Post Number: 3659
Registered: 04-2004
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| | Monday, September 29, 2008 - 01:47 am: |
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Senator Conrad said the bail-out was about more than just Wall Street.
"The chairman of the Federal Reserve has told us if the credit lock-up continues, 3 million to 4 million Americans will lose their jobs in the next six months."
Source: www.marketwatch.com
Hilarius Comment :-
Oh Really ? So if the bail out fails to stem the tsunami that is what we face ? Can anything stop it ?
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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justice
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Username: justice
Post Number: 762
Registered: 01-2003
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| | Monday, September 29, 2008 - 04:03 pm: |
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hilarius:
"It is absurd to say our country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the people."
Thomas Edison.
nil desperandum,
just ice
Fascism should more appropriately be called corporatism because it is the merger of state and corporate power.
"Trust me I'm from the Government and here to help."
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hilarius
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Username: hilarius
Post Number: 3660
Registered: 04-2004
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| | Monday, September 29, 2008 - 09:19 pm: |
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Justice
I believe you might be suggesting that hyperinflation is no longer a problem once a devaluation spiral starts?
Nil illegitimes carborundum 
Hilarius
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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morton
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Username: morton
Post Number: 102
Registered: 05-2005Rating: N/A
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| | Tuesday, September 30, 2008 - 02:48 pm: |
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hyperinflation is the only solution...denial is the problem.
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hilarius
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Username: hilarius
Post Number: 3661
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| | Friday, October 03, 2008 - 07:13 am: |
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Morton
What about hyper deflation ?
Imagine the bargains !
Hilarius
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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hilarius
Member
Username: hilarius
Post Number: 3662
Registered: 04-2004
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| | Friday, October 03, 2008 - 07:18 am: |
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Good Morning
The markets are locked in an R-Rated Three Way Embrace
Medians have been drawn to each other magnetically
Would someone please throw a bucket of cold water over them
Why is Congress trying to stop the hunt for bargains? Only big losses will bring about a recovery.
Nevertheless the Merry Mericans might just stage a Brief Bubbly Bounce
The Disillusion which could follow may be hard for them to swallow
My advice to the Market ... Sink to the Mud where real Bargain Basements lows will appear when despair is complete
Mud! Mud! Glorious Mud!
Nothing quite like it for Cooling the Blood!
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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rdumas
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Username: rdumas
Post Number: 1942
Registered: 11-2006
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| | Friday, October 03, 2008 - 11:48 am: |
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Hi Hilarius,
In a deflationary environment is cash the best place to be?
"...if one tortures a dataset long enough, it will confess to anything!"
- Andrew Lo
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captain_chaza
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Username: captain_chaza
Post Number: 3456
Registered: 02-2003Rating: N/A
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| | Friday, October 03, 2008 - 06:25 pm: |
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Fear not Dear Friar 
I have e-mailed all the Global Bankers and suggested that only a Global response to Interest rates will do the trick
(naturally only after those US Toxic Assets are taken out of the financial society for a good few years
I suggested 50 -100 points should do the trick as long as it's done in quick time by all members of the Global Exchange
I also suggested that in time Tax breaks and Other stimulus packages should then be taken if Inflation does not rear its ugly
I then said
"It's as easy as that!"
"Just Do It! and do it the Navy way"
"No more debates on deck! If ya know what I mean?"
Salute and Gods' speed
"While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C.
"I believe the future is only the past again, entered through another gate."
Sir Arthur Wing Pinero 1893
"There are two times in a man's life when he should not speculate: When he can't afford it, and when he can." Mark Twain, 1897
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hilarius
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Username: hilarius
Post Number: 3664
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| | Saturday, October 04, 2008 - 10:09 am: |
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Rudy
Cash for me is absolutely king unless one is the sort of trader who can profit when the markets swings in any direction. Buy and hold is not for me.
I have never met anyone who can swing trade consistently.
At some point the market will turn, but my fear during the week that there is worse to come seems to be right judging by the market last night, if there is no delayed optimism next week
In the 1929 Crash I understand there were seven false recoveries, and ultimately only WW2 pushed factories into full production
The difference then was that credit was restricted and trade protection policies (tarriff barriers) were rampant
So far tragic levels of unemployment have been avoided but I wonder how long that can remain the case
Only when assets become absurdly cheap will buyers return in force imho
I don't see any evidence that assets can't devalue further to ridiculously cheap levels, in the USA
Global contagion is an issue about which I remain undecided, though it is clearly happening in Europe
Bearish selling volume in a previous safe stock with global revenues, IBM, seems to have greatly increased
This suggests distressed selling perhaps by some hitherto respected institutional holders. Who knows?
Certainly I can't imagine large new orders for computer mainframes in America in the current slow down
At least asset deflation curbs inflation
When despair is greatest the market will start to turn
Whether people could or should convert to cash as prices go ever lower is advice which I am not qualified to give
It is a very individual decision and could be right or wrong, depending on how events unfold and individual profiles
Do you have any downside or upside targets for major stocks which might guide us all? [I am not very good at predicting price targets ... whether up or down].
With Best Wishes
Hilarius
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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hilarius
Member
Username: hilarius
Post Number: 3665
Registered: 04-2004
Rating: 
Votes: 1
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| | Saturday, October 04, 2008 - 10:11 am: |
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Captain Chazza
A doubling of interest rates world wide would quickly sort out which companies are viable and which are not
The sooner the duds are demolished the better
Then the winners can be bought cheaply
Best Wishes
Friar Hilarius
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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rdumas
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Username: rdumas
Post Number: 1946
Registered: 11-2006
Rating:
Votes: 1
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| | Saturday, October 04, 2008 - 11:45 am: |
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Hi Hilarius,
I was interested to hear if you agreed that cash is king at this juncture and into the foreseeable future.
During the great depression it took the US market 25 years to achieve their previous highs. I don't have data for the Australian market but would assume a similar fate. The data that the likes of Shayne Oliver refers to when telling investors "don't worry because the market always recovers in a reasonably short time" is based on much more recent history and hence doesn't give new investors the total picture. For anyone who was recently starting off in investing and was contemplating a buy and hold strategy it might very well prove to be a potentially flawed strategy.
Prechter claims that the world will go into a deflationary bear market and it would be interesting to explore the best investments to be in during these times. If he is right then property for instance would not be a sound investment as long term the price would come down and hence become 'bargain priced' later down the line. I used to be in investment properties and the yield was very poor but the capital gain in the long term always made up for the poor yields. If Prechter is right then this 'old paradigm' would be turned on its head.
In terms of owning your own home it would be a real judgement call on the investor as to whether this was even sensible. I guess that much would depend on vacancy rates of rental properties and resultant rental pricing. Most Australians who are in my position of owning my own home would probably chose not to rent because of the old Australian dream philosophy.
Should the market during the next few years turn into a zig-zag pattern then buy and hold would be a completely useless strategy. It would definitely point to a more medium term trading strategy where you attempted to 'time the market'. I personally feel fairly comfortable with that type of trading anyway so it wouldn't bother me. I would suggest that whilst there is extreme volatility at this juncture in the bear market cycle that this will pass and a more sedate zig-zag pattern would emerge. Hence your comment that there were seven false recoveries during the Great Depression era. That's okay because they would be the sort of false recoveries that one could trade sensibly using a medium term trading strategy.
With the likelihood of a low interest rate environment for some time to come I believe that it would be necessary to invest in the market as interest rates would not be sufficiently sized to support retirement on the sort of capital base that I have in my superannuation fund and I am certain that this would be the case for many others.
As regards to where the bottom of the market will be I have no better estimates than anyone else. Any level that I could come up with could very easily be exceeded so it's probably pointless guessing. I will be looking at the market patterns and hopefully discern from them when the appropriate time to enter will be.
"...if one tortures a dataset long enough, it will confess to anything!"
- Andrew Lo
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captain_chaza
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Username: captain_chaza
Post Number: 3458
Registered: 02-2003Rating: N/A
Votes: 0
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| | Sunday, October 05, 2008 - 05:18 pm: |
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Sorry for the 1 stars
But I have never heard so much Nonsense in my life
I refer you to the 1987 Crash
http://home.iprimus.com.au/ckirzner/dow/dow90.htm
I then refer you to the next 5 year chart
http://home.iprimus.com.au/ckirzner/dow/dow95.htm
As you should clearly see above AND with the aid of hindsight, -89% as was the case in 1929 Crashes have been avoided with a simple 101 level of logic by the central bankers
For any better term
It is called REFLATION
Salute and Gods' speed
PS: You remind me of so many sailors I have met over the decades who vow they would never go back to Sea
"While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C.
"I believe the future is only the past again, entered through another gate."
Sir Arthur Wing Pinero 1893
"There are two times in a man's life when he should not speculate: When he can't afford it, and when he can." Mark Twain, 1897
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mum
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Username: mum
Post Number: 239
Registered: 08-2005
Rating: N/A
Votes: 0
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| | Monday, October 06, 2008 - 10:30 am: |
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What do you think of this take?
http://www.guardian.co.uk/business/2008/oct/05/wall.street.bailout
Business
US economy
Now Wall Street may shun $700bn bail-out
James Doran, New York
The Observer, Sunday October 5 2008
Article history
Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government's $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come.
'There is a growing feeling that banks ... might instead decide to tough it out,' said Thomas Caldwell, chairman and CEO of Caldwell Financial, a $1bn-plus fund manager.
For the past two weeks all eyes in the market have been focused on US Congress and its attempts to pass Treasury Secretary Henry Paulson's bail-out package - a bill to allow the US government to buy up to $700bn of toxic mortgage-related assets from American banks, which would in theory free the credit markets and set the gears of global commerce spinning once more.
Last Monday, after the bill was thrown out by the House of Representatives, more than $1 trillion was wiped off the value of US stocks as the market was gripped by panic. The bill was passed on Friday afternoon, however, after the inclusion of $149bn of tax breaks and strict rules for participating banks.
But Wall Street analysts, believe the addition of so many terms to the bill might deter potential participants.
One of the least attractive elements is a section designed to curb executive pay at banks that participate in the bail-out package. These include limiting stock-related pay and banning 'golden parachutes' for executives.
'I think this hodge-podge of regulations and rules will be enough to put many [chief executives] off participating,' Caldwell said.
Sources close to Goldman Sachs and Merrill Lynch indicated the banks might choose not to participate in the bail-out as there is a growing view on Wall Street that the market may be bottoming out.
Analysts also believe that the mere presence of the government as buyer of last resort will be enough to get credit markets moving again, and that a large number of banks would not need to take part for the legislation to succeed.
Wall Street ended its worst week in seven years with another tumble on Friday. The Dow Jones Industrial Average closed down more than 157 points on Friday at 10,325.38.
I can't see how this can be the bottom when the P/E of the DOW etc are still high, historical average, around 15. Surely P/E would need to drop a lot lower especially seeing the US is going into recession.
Does anyone know how to work out how far the market would need to fall , say to give a P/E of 10
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morton
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Username: morton
Post Number: 105
Registered: 05-2005Rating: N/A
Votes: 0
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| | Monday, October 06, 2008 - 01:32 pm: |
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we live in interesting times...
whatever happens, it will be fun to watch...
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justice
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Username: justice
Post Number: 787
Registered: 01-2003
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Votes: 0
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| | Tuesday, October 07, 2008 - 11:13 am: |
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INCOMING ASTEROID: A small, newly-discovered asteroid named 2008 TC3 is approaching Earth and chances are better than 99.8% that it will hit.
http://www.spaceweather.com/
http://space.newscientist.com/article/dn14880-space-rock-found-on-collision-cour se-with-earth.html
http://ssd.jpl.nasa.gov/sbdb.cgi?sstr=2008%20TC3;orb=1
5/2 hours away.
just regards.
"The trouble is the banks don't trust each other." - Why should they?
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justice
Member
Username: justice
Post Number: 788
Registered: 01-2003
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Votes: 0
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| | Tuesday, October 07, 2008 - 12:28 pm: |
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"So there it is, banks no longer have to keep even a small amount of peoples bank accounts available as cash. They don’t have to fail, they can just say they are out of cash today. Your money is still there, FDIC does not kick in, but they just stop giving out money."
http://www.tickerforum.org/cgi-ticker/akcs-www?post=65106&page=1
http://www.campaignforliberty.org/blog.php?view=836
and the dollar index still hasn't reversed. Crikey even CEO Simons of RAMS said he couldn't figure that one out. (at least for the AUDUSD)
Amazing.
(Message edited by justice on October 07, 2008)
"The trouble is the banks don't trust each other." - Why should they?
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mum
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Username: mum
Post Number: 240
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| | Thursday, October 09, 2008 - 09:18 am: |
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Critical week ahead
Michael West The Age
October 9, 2008 - 8:16AM
Is this the darkest hour of the credit crisis? The situation will either be better in seven days or a hell of a lot worse.
Finally there is a concerted, co-ordinated campaign by governments, though it failed to deliver a bounce on Atlantic share markets. More critically, credit markets remained iced-over as interbank spreads hit records once again.
The TED spread - the purest indicator of confidence which measures the gap between US Treasuries and the rate at which rates lend to each other - blew out to 403 basis points while both overnight and three-month Libor widened too.
In other words, even a round of global rate cuts could not lure banks back to the money market. Unless this radical collective effort begins to stem the losses and restores some semblance of stability, we will soon descend into sovereign risk territory.
It will be time to bury gold under the barbie in the backyard, quaff the wine cellar and stack the shelves with tinned food.
Okay, that was a gag, but you get the picture.
The S&P 500 remains priced at 19 times earnings despite dropping 36% in the past year. It can fall further.
Critical week ahead
Even so, this is still simply another cycle to which a recovery will inevitably follow.
The question is, when? And how bad can things get? Sadly, ructions of this magnitude inevitably precede a long and tortuous period of capitulation where investors, seared by continuous loss and disappointment, give up and walk away.
The market moves first. When the economy is in the doldrums of recession, then comes recovery in equities prices. This next week is absolutely critical to the fate of markets, and the depth of the imminent recession.
To sovereign risk: will the bond market crack?
A 30-year graph of the US 30-year Treasury bond shows a generational bull-market. The yield on the bellwether bond peaked at 15% in 1981 and has been in decline ever since, rallying that is (bond prices are the inverse of yields). It now stands at 4%.
The ``flight to quality'' in the present cycle fuelled the recent demand. Realistically though, given the parlous state of the US economy and banking system, is 4% enough risk premium for owning an asset whose principal may never be repaid?
The interest burden is enough, especially in light of the looming recession, pressure on tax receipts, record consumer debt and a deficit approaching $US1 trillion. The American empire is in terminal decline.
Risky investment
Ask yourself, if the US were a company, would you invest in it? The management isn't exactly inspiring, let alone the numbers.
A couple of points: the US Congress has just raised the debt ceiling from $US9.5 trillion to $US11.3 trillion, if yields go up it's more expensive to finance the deficit, and of China's $US1.8 trillion in foreign currency reserves two-thirds are in dollars and most of that in treasuries.
After the latest, unprecedented US Government move on Tuesday night to fund short-term company borrowings because the banks won't come to the party, a cabal of big central banks moved in unison last night.
The Federal Reserve, the Bank of England, the European Central Bank, Bank of Canada and Sweden's Riksbank, Switzerland and China collectively cut interest rates while Gordon Brown's government in the UK declared a 50 billion pound bail-out package - including partial nationalisations - and a 200 billion pound liquidity plan to head off the collapse of the British banking system.
A concerted move is to be applauded and it's certainly to be preferred to Hank Paulson's $US700 billion mates package which boasted little in the way of accountability or demand for transparency or real reform.
Yet the question must be asked: when confidence and trust are shattered will lowering rates bring borrowers back to the market?
Bad news ahead
Alas every rescue measure is quickly neutered by the relentless incoming tide of bad economic news. Desperation grows daily.
The Fed went cap in hand to Canadian banks and insurers last night asking them to consider buying assets in the US to address the liquidity dilemma.
Across the pond, the Euro came under pressure.
When Ireland guaranteed all deposits and bond holders the other day it left itself exposed to two years of GDP-worth as money flooded into the republic. CDS spreads widened in the market immediately. Who wanted to take that risk?
Sovereign credit ratings are now in play. Europe is the ground zero. Greece, Iceland and Germany have stepped in to give depositor guarantees, and probably the whole lot will now have to guarantee deposits and bond holders.
Yet this is not the United States of Europe so the rest of Europe was incensed by the Germans taking a preferential slab of Euro money to shore up their own system over the weekend.
Now at least they have all moved despite grimacing German reluctance to cut rates. Germany controls the ECB.
Rain in Spain
The ones to watch now are the Spanish banks. Their banks are virtual property developers, an accident waiting to happen.
Their mortgage default reporting is slow. Whereas most countries jump on a default in 90 days and it is reported they don't reveal it in Spain for about 6 months, which means the figures should start to come through at the end of the calendar year.
If Banco Santander hits the skids which is entirely possible as they are trying to bed down the ABN Amro acquisition - which has destroyed its co-acquirers Fortis and RBS - then the prospect of the Bradford and Bingley rescue unravelling comes into play.
Banco Santander is a big one. On the Dow Jones 30 Banks Titan list it is weighted about 5%. To give perspective, Bank of America is about 7% and Commonwealth Bank about 1.5%. If Santander cracks, it is full-blown crisis time in Spain too.
There are 450 million people in Europe. France is in recession, Ireland, Spain and the UK are heading there. Germany, the biggest economy in the Eurozone and one of the world's largest exporters, is not far off. All this was in train even before the credit crisis.
Impact for Australia
The implications for Australia, should the situation not stabilise, are not pretty.
Some 45% of Chinese exports are to Europe. The potential impact on commodity prices is menacing.
The disaster scenario...were bonds to crack under the pressure? Presumably gold. The yellow stuff was up again last night
It took two and a half years for the Dow to lose 89% from its peak in 1929. In between time the Dow gained and stabilised in the first six months after the initial drop, and it was viewed as a normal correction from over exuberance just as had happened before.
The real cause of the Depression was the collapse in consumer spending. That is happening now.
Unemployment is climbing, extension of unemployment benefits payments were debated and refused in the Senate. House prices are continuing to decline, everyone there is "feeling poorer". Where does that leave consumer demand? In a hole. If credit doesn't start to flow soon, and to everyone, then the doomsayers will have their day.
Unlike the Great Depression, however, we now have inventory control.
Just-in-time delivery and manufacture to order weren't prevalent back then, as things were based on pure mass production and holding inventory. So maybe this would ameliorate the impact on producers, which is a good thing. But they still stay afloat with cashflow, and that is running dry.
History will show this recent bull market to be one of the most appallingly mismanaged periods in economic history and if the latest collegiate effort fails, the IMF may well be given the mandate in coming days to take control and impose an international regulatory framework.
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justice
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Username: justice
Post Number: 864
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| | Sunday, November 16, 2008 - 11:01 pm: |
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"Can a Global Financial Crash Be Avoided?"
No
Regarde,
justIce
When it comes to war...America means business.
(War, Inc.) - http://www.imdb.com/title/tt0884224/
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justice
Member
Username: justice
Post Number: 1115
Registered: 01-2003
Rating: N/A
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| | Thursday, May 21, 2009 - 09:29 pm: |
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Stocks still face deflationary collapse: Prechter
Thu May 14, 2009 6:50pm BST
NEW YORK (Reuters) - Longtime technical analyst Robert Prechter, who forecast the 1987 stock market crash, predicted this week that U.S. equities may plunge to half their lows hit in March as a deflationary depression bites.
Oil and U.S. Treasury bonds are also locked in long term bear markets, while corporate bond prices will plunge precipitously by next year as broad economy, banking system and company earnings sustain more damage from a financial crisis that's akin to the Great Depression, he said.
The U.S. S&P 500 stock index's .SPX rebound by nearly 40 percent since it sagged to a 12-year closing low of 676 points on March 9 is not sustainable, Prechter said in an interview with Reuters.
"It's not the start of a new bull market," said Prechter, chief executive at research company Elliott Wave International in Gainesville, Georgia. "Our models are (showing) right now that it is a much bigger bear market than most people realize, something along the lines of 1929-1932," he told Reuters in a wide ranging interview. "It's a very rare event," he added.
"I think the next leg down will be at least as severe if not more severe than what we just experienced. So you want to stay on the side of safety," he said.
As in his 2002 book "Conquer the Crash," which warned of the dangers of a U.S. debt bubble and deflationary depression, Prechter continues to advocate safer cash proxies such as Treasury bills.
SEVEN MORE YEARS?
Riskier assets such as commodities, corporate bonds, and stocks which are currently anticipating that the severe global economic downturn may be bottoming, are likely to have short lived intense rallies, but within an inexorable long-term decline that may last another seven years, he said.
As banks continue to accumulate losses and corporate earnings fall, "the difficulties will probably last through about 2016," he said. "There will be plenty of rallies along the way."
Oil may rally further from current levels just below $60 per barrel but the upside will be capped at about $80 per barrel as the commodity is locked in a long-term bear market, he said.
In July, U.S. crude oil hit a record peak above $147 per barrel and was just above $57 per barrel around noon on Thursday.
"Deflation is coming, it's going to lead to a depression. We're not at the bottom yet," Prechter said. "I think we are going to have bouts of deflation separated by recoveries."
Prechter also painted a bleak picture for commodities like silver and is largely unenthusiastic about gold, believing the precious metal made a major peak when it rose above $1,000 last year.
While gold may have already topped at above $1,000 an ounce in March 2008, Treasury bond prices are likely to fall in a long term bear market, with huge government debt issuance being the main catalyst.
The benchmark U.S. 10-year Treasury note yield, which moves inversely to its price, hit a five-decade low of 2.04 percent in mid-December.
"People got very enamored with bonds and very enamored with gold and I don't like to be invested in markets that are over subscribed," Prechter said.
"The Treasury (Department) has taken on so much bad debt" at a time tax receipts are falling, that "there will be a slow, but very steady change in the way people will view the U.S. government," said Prechter. As a result, investors in Treasury notes and bonds will ultimately demand higher yields, he said.
The U.S. central bank will not be able to control the government bond market and prevent yields from rising, regardless of how much money the Fed uses to buy Treasuries, he added.
Next year, U.S. corporate bond prices will probably fall below their extreme price lows of December during the market panic of 2008 when investors fled riskier assets, he said.
"Corporates in terms of price have the big wave down coming. This has been a prequel," Prechter said.
"Many corporations who (now) say we can borrow more money and take more risks: those are the ones who will get in trouble," he said. "Many municipalities will default," he added.
(Reporting by John Parry, Haitham Haddadin and Ellis Mnyandu)
© Thomson Reuters 2009 All rights reserved.
http://uk.reuters.com/article/companyNewsMolt/idUKTRE54D4IL20090514?pageNumber=1 &virtualBrandChannel=0&sp=true
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justice
Member
Username: justice
Post Number: 1116
Registered: 01-2003
Rating: N/A
Votes: 0
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| | Thursday, May 21, 2009 - 09:45 pm: |
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An interactive map of vanishing employment across the country, updated with the latest figures.
By Chris WilsonUpdated Thursday, May 14, 2009, at 4:25 PM ET
http://www.slate.com/id/2216238/
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ken
Member
Username: ken
Post Number: 578
Registered: 04-2003Rating: N/A
Votes: 0
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| | Sunday, May 24, 2009 - 10:56 am: |
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"Great Depressions are so methodical"
Interesting article with lots of historical background of 5 previous great depressions
http://www.safehaven.com/article-13365.htm
Ken
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