<p>Have you even bothered to study history shoe? Saying it can’t happen and things will improve just cause they always had doesn’t cut it.</p>
<p>Again look to Japan, look to the great depression. Now am I sure we won’t improve in a reasonable amount of time? No, I think we can but to say WE MUST is sticking your head in the sand.</p>
<p>Tell me odds you had on Lehman, Merrill, Bear STearns, WAMU not existing by October 2008 at January 1, 2008?</p>
<p>How about Citi being 75% off its high and trading in single digits? And how many years, if ever, will people who held onto Citi cause their broker said “don’t worry its a great company” need to wait to just break even off this decline?</p>
<p>You have a guy in Paulson running this who was behind many of the lobbying for deregs that got us in this mess. Then he puts in charge another crony from Goldman who has NO BANKING EXPERIENCE to run this.</p>
<p>Inspires great confidence. See the lines forming just for part time holiday sales work? 1 in 48 chance of getting a job are some reports. The P/E dropped to 7 in 1973-74. If this is only as bad then we have maybe 30-40% more on downside.</p>
<p>Maybe all these fools will get this right and the world we absorb all this excess debt overnight (that was done over years and year and years) but it is unlikely.</p>