"The global slump of 2008-09 has begun as poison spreads"
naked capitalism (Free subscription) | 12/05/2008
Uber-bear Ambrose Evans-Pritchard waxes apolyptic this week, finding that Standard & Poors issued a report that was even more pessimistic than he is. From the Telegraph : The avalanche of bankruptcies has begun. Six US companies of substance have defaulted on bonds over the past fortnight, against 17 for the whole of last year. As a "non-believer" in the instant rebound story, I am not easily shocked...
