well, regardless of what set off the chain of events, in my opinion, stocks will not start to recover until aggregate personal income reverses upward. I am hoping the Stimulus plan will start this process. But sufficient effect will not be felt in the economy until months from now.
What about the collapse in credit to companies/individuals by banks due to their exposure to bad mortgages ? This is a Recession primarily caused by a collapse in money supply and if anything it has been underestimated all the way and maybe even now. The Bank of England decided today to start quantitative easing, buying both corporate and government debt, an act which is about 3-6 months late in practice.
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