Note what happens in a downturn. When the markets first start to slide, everyone denies it is happen...
Note what happens in a downturn. When the markets first start to slide, everyone denies it is happening. Then they attribute it to a sector-specific or uncontrollable factor, maintaining it will be short-lived. As all these theories unwind, there is grudging acceptance that the 'blip' is spread across many sectors, and that it is here to stay for some time. Markets were disappointed that the US Federal Reserve cut interest rates by only 50 basis points, not 75. They are still feeling insecure. Now, instead of just two quarters of a slight slowdown we are looking at perhaps one year. The...
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