my reasons for holding cnp, page-74

'There is a lot of money out - it didn't just disappear down the toilet and when things start to turn-around, the money will show up (surprise, surprise).'

Of course alot of money has disppeared. You wouldn't make writedowns if it was all still available. The problems all started with the sub-prime issue. Money lent to those who cant repay debt. Money lost. Investors lose money. previous methods of attaining money no longer available. Bubbl burst.

Just as this issue of sub-prime took years and years to build to a head it won't suddenly disappear as an issue overnight.