Hey Filthy.. The more I read .. the more I agree that this is more than just a correction. I think we are only at chapter one. THis is completely contrary to the way many others thing given the great fundamentals that we now have over here is Australia.
Thanks for the info on GloomBoomDoom..I'm now a subscriber...
For the record I'm now on the sidelines in the expectation that we still have new lows on the horizon. Maybe I'll miss out on a spectacular recovery but as youmentioned there should be some more bargains later in the year if you know what i mean.
PS.
off - sharescene
[URL=http://www.financialsense.com/fsn/BP/2007/0818.html]
John, on the surface it would look that way but when it all boils down, this economy rests on the backs of the American consumer. And I’ve got to take my hat off to Paul Kasriel at Northern Trust where he wrote an article – I think it was about two or three months ago – and he took the GDP growth rates of Europe, of Asia, China, Japan – the major trading partners and the major industrial countries – and he stripped out their exports to the US; and if you strip out those exports to the US their economic growth rates look very, very anemic. And so the one good thing that Europe has had going for it is exports. The one thing that China has going for it is exports; the same with Japan. And a lot of those exports are still going to the United States. I mean dollar-wise, in terms of international trade, it’s incredible how much we import into this country. I mean when you’re importing almost a trillion dollars of goods into this country, that makes a significant difference to those countries that are exporting to your country. So all this stuff about the global economy, a lot of this economy still to this day rests on the back of the American consumer.” So much for this strong economy. Watch as we go in to a recession; watch retail sales begin plummet; and just watch what happens to these economic growth rates. They’re already revising economic growth rates in Japan.