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  1. #1
    Join Date
    Mar 2007
    Location
    Taipei, Taiwan
    Posts
    53

    Default Deleveraging of economy to the "new normal"?

    Hi,

    I found this article interesting - perhaps others will too.

    Andrew

    http://www.financialsense.com/Market...2009/0213.html

    Hopefully expressed in simple terms, the prior period credit cycle was a massive anomaly. That anomaly raised US nominal GDP, corporate profits and asset values to levels they never would have experienced in the absence of maniacal credit creation. Now that the meaningful deleveraging process we have been ranting and raving about is evidenced all around us and is really still in its infancy, we believe the US economy, corporate profits and asset values are in the process of shifting downward to a “new normal.” THIS is what the current equity bear market is all about.
    Cheers,
    Andrew

  2. #2
    Join Date
    Feb 2008
    Location
    Wellington NZ
    Posts
    1,802

    Default

    yep it was a good article...


 

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