A fairly brutal correction from an overbought condition.
Ben relieved the downward pressure today when he dispelled the myth that the US will be raising interest rates any time soon.
What seems a little funny is that so many are commenting on the US economy and markets as though this has been an ordinary cyclical recession and it is done.
We think this is something obviously a little more 'consequential' given the years of reckless excess and malinvestment that have led up to where we are today.
The crisis is not over, not by a long shot. What we have seen so far is prelude.
