the dog will howl tommorrow, page-27

I don't think that the worst of the credit crunch is over yet - this still has another 12-18 months to play out. imo the US market is not pricing in a significant earnings downgrade.

the infrastructure assets are cheaper now,but the cost of funding is a lot higher; this is why banks will keep increasing the mortgage rates - should be at least 10% to be profitable(new mortgages).

my forecast for next year is on the optimistic side as hopefully the credit market starts to narrow its spread towards the second half of this year.

think that Merrill on behalf of Lift may be selling ; also some margin calls are expected.