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Jim's Quote of the Day:
"The wheels have come off. Structured finance, which has been the key to
this credit bubble, has broken down. We believe that confidence in structures,
ratings, collateral, issuers, counterparties, et cetera, has all been lost.
Therefore we are in a very precarious position. Credit has driven the economy
and has driven markets. Credit has to grow year-over-year in this credit bubble
environment in order for the economy to grow. With structured finance having
broken down, in our opinion, there is no way that credit will grow year-over-year
any longer." - David Tice of the Prudent Bear Fund, as quoted by Welling @Weeden
