sixty minutes, page-66

I find it quite amusing how some people can watch the Dow Jones lose $8.3 trillion (and thats only from November 2007) and still have an upbeat view on the housing market and the economy as a whole.

Don't get me wrong, the extremists on either side (ie. 0 % interest rates and long resources boom) are to be considered, but generally ignored. However, last year when Amaranth, Bear Stearns and others started imploding, people just kept on watching in denial. Some kept pouring into stocks thinking we were insulated by demand from China...thinking that BHP's, RIO's and MQG's would go up infinitely. Mmm.

Well, we were all taught a harsh lesson in that when things go pear shaped in the US, the after effects are somewhat magnified in the rest of the world.


If you think what just happened in the US over the last 2 months wont hit us hard, then you aren't just in a second denial...you are plain stupid.

We have all been warned.