Friday, November 21, 2008

The Economy is Very Grim


The broad stock market is now down 50% for the year. Very little good news is coming from the financial world. Things look very bleak indeed. Some encouragement comes from how much bad news there is. Most predictions about the economy and financial markets at any moment turn out to be wrong. But one phenomenon has repeated itself through history, When virtually all the experts are convinced that things are terrible, they begin to get better. So, listen to the experts!

Paul Krugman says that the transition between presidencies may carry big risks.

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