This entire liquidity crisis has been historic from the moment the housing crash commenced. We are in completely uncharted waters. Why do you think I keep saying I THINK we will experience a long, deep recession. I just can’t completely eliminate the possibility of depression caused by massive deflation.
Yes, absolutely this is historic. But not because massive financial institutions became insolvent, but because leverage and debt were run to historically catastrophic levels years ago.
We will continue to see history made for years. I’m just afraid it will all be to the downside. I would prefer not to see that kind of history.
Yes, I’d prefer to see the kind of history composed of puppies and rainbows as well. But that’s not the kind of history we get...