not all doom and gloom, page-12

Agree that this is not a crash as in 2000 but a soft landing within the bull territory still. In 2000 most stocks that fell were trading at over 100 PE and many without decent products. Now in stocks that were battered like the banks, PE getting close to 5 even on 2008 estimates. DOW may drop another day on sentiment and stabilise or even do a good run up. DOW wouldn’t have dropped this low if Berni intervened and its healthy that he didn’t.

Some at Bloomberg says the reporting figures are sand bagging , overstating the figures for protection going forward. The likes of Merryl, JPM, Goldman, CITY wont be walking wounded and would be restructuring if not already. Subprime we’ve heard most and bit more to come even for years but there wont be more subprime borrowing and easy credit, even if FED cuts rates to 2005 levels.