Saturday, December 13, 2008
OK, Bad Call
Looks like I was wrong on the implications of the decision not to bail out the Detroit car manufacturers. The US market didn't fall much, even before the Bush administration said they might be able to redirect some of the previously allocated financial bailout funds. Apparently all the bad economic news has already been priced in. I've gone back to thinking that we'll see a drawn-out recession through all of 2009, but nothing worse than that.