Zeev's Turnips Patch-No Politics (ZEEV)

[skono4]

That's what we intuitively expect crusader. It's not a lock though because at some point we've hit a low enough level where jobs and retail sales will plateau. Naturally, the market will read this as positive. Slowing the decline is the first step to making a bottom. But a slowing decline out of an egregious bubble could just indicate that the easiest cuts in the labor force and household budgets have been made and there's a wait and see attitude before it get's more severe. We're still living very high on the hog IMHO.