Bond Outlook [by bridport & cie, January 21st 2009]
A new era has indeed begun with President Obama, but old problems have not gone away, as the fall in bank share prices on Inauguration Day forcibly reminded everyone that after the hope must come the reality of a seriously wounded economic giant. |
Our concerns about the bail-out plans being a further dose of “Greenscamism” remain. So long as their objective is to encourage the return of credit availability for households so that they may return to their spendthrift ways, a fundamental error is being made. |
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