Has Beggar Thy Neighbour Started? Yves Smith, naked capitalism.
Wage Deflation Underway. Yves Smith, naked capitalism.
A Trap in Obama's Spending Plan. Louis Uchitelle, The New York Times. (hat tip: naked capitalism)
S&P 600: That's Gary Shilling's Forecast for 2009, Not an Index. Yahoo! Finance. (hat tip: Paul Kedrosky)
Shilling's using the same math I used for my equity market performance forecast for 2009: S&P 500 earnings = $40 * P/E of 15 => 600, down 33% from recent 900-ish level
Is the Medicine Worse Than the Illness? James Grant, WSJ.
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