The U.S. refuses to acknowledge the problems it has, not to mention actually trying to address them and instead is reactionary trying to run around like a chicken with its head cut off to douse immediate fires with water.
Alan Ruskin vid Deutsche Bank (via WSJ Marketbeat):
...we are not so much watching a 2011 event, but the beginning of the end of the 2008 crisis. This view would suggest the slide in risky assets is driven by the exhaustion of the 2008-2011 policy stimulus.
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