Rocktex

Greenspan: Large Losses Loom

He (Mr. G) cautions the current credit crisis will not end until huge inventories of new homes are sold, and home-price deflation ceases. ......... Very large losses will, no doubt, be taken as a consequence of the crisis. But after a period of protracted adjustment, the U.S. economy, and the world economy more generally, will be able to get back to business."

Gee! He is really a genius and finally gives us his real words and the real medicine.