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Dangerous Kiss
The Dow Industrials and the S&P 500 and 100 have exhibited quite satisfying price advances over the past four trading days, driven in part by fine reports from Google, Intel, Johnson & Johnson and others; together with P&L reports from major banks which were “less bad†than had been predicted. So, all is well; profits are on a general upswing; the banking crisis is over and done with; and Recovery is here.
It doesn’t matter that new home construction is in deep doldrums; that sales of existing homes are perilously close to the vanishing point; that mortgage credit and other loans…
19Apr2008 | William Kurtz | Comments Off | Continued
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