Monday, August 24, 2009

Fool me once...

S&P April 15, 2008

We wrote in our last report card that we don't believe conditions in the credit markets of industrial economies will revert to the status quo ante, but we believe the spillover effects to emerging markets will be contained.

S&P August 24, 2009

The credit cycle looks set to enter its next phase, typified by the end of a recession.

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