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Bill Miller on This Tough Market

To CrowdofCheerleaders I would say that you are actually dead wrong. The macro outlook for the US economy is rather bleak but companies like Google and Apple -- on a micro level -- offer great hope. They are companies that innovate and create new markets, something that the entire world envies.

There is no reason other American companies cannot emulate them. If Ford and GM can overcome the current liquidity crunch, I see no reason why they cannot compete effectively in the North American market, as they do in the rest of the world. I live in Europe and Ford offers one of the most interesting line up of cars here. I am even tempted to buy the new Mondeo.

All is not lost. The future is not predetermined. American can make a comeback. Just after we pay back our loans, bonds, credit cards, etc. either through savings and hard work or through inflation.

Bill Miller on This Tough Market

I think Warren Buffet might say that the problem with financials is that given the uncertainty surrounding future write downs as well as the business model problems of a number of financial institutions, there is no way at this moment to ascertain their future earnings. So now is not necessarily a good time to buy.