Interview on Hee-Haw this AM:
- Over 3 trillion total in credit writedowns, half of that U.S. banks and brokers. Since 1.5T is greater than capital, system is insolvent;
- China may be in a recession. Possibly negative growth 4th Qtr and 1st Qtr., though they won't declare it;
- Treasury yields going lower, the tsunami of issuance along with private sector may push up yields in 2nd half;
- 25% downside for equities from today's levels;
- Commodities will continue to fall.