If the US banks can get over this hurdle, then the chances of it occurring will be greatly diminished.
However what effect this flu has on the economy, in particular in the US is anyone’s guess.
Already Qantas is taking a big hit on the ASX and I expect US airlines to cop it as well.
Add to that the motor industry in the US, continued house price falls and we still have some way to go.
In fact, I am on the record time and time again as saying imo this market will have bottomed when we see the first signs of a recovery in house price in the US. Now there are already some signs that house sales are beginning to turn but I see that as bargain hunting largely.
