"7. The problems of the financial system haven’t vanished because of two rate cuts. An aged, emphysematous hiker accustomed to smoking two packs of cigarettes a day may start breathing more easily after descending from an ill-considered trip up a mountain, but that doesn’t mean he’s a candidate for a $1 million term life insurance policy without a medical. Those big bank SIVs are leaking badly, and Asset-Backed Commercial Paper still suffers from a rare condition of the financial climate: Global Freezing. Remain greatly underweight the banks and mortgage lenders."
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