Rosie en pleine forme

Lecture indispensable du jour: brillante mise au point de David Rosenberg, ex-guru de Merrill, qui s'exprime sur le moment actuel du marché actionnaire. Bien mieux que Budi ne saurait l'exprimer, il conclut:

... since this is not a manufacturing inventory recession but rather a downturn deeply rooted in asset deflation and credit contraction, we may find out that the economic releases that were tried, tested and true in the other post-war cycles may not be appropriate today given the overpowering secular trends of consumer deleveraging and frugality.

(Courtoisie de Tyler, Zero Hedge)