Mish, I think the poster points out a good observation. I posted pretty much the same thing about a month ago. Looking at the earnings on some of these financials, much of it has come from mortgages and refi's. I think companies like WM are very vulnerable. If you look at some of the employment figures you will see where the mortgage industry has been hiring like crazy. We lose the housing bubble and we haven't seen anything like the job loses we will see then.
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