[The once and future king]

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The market was undervalued at 13900+, its on its way back and is going to surge. The whole sub-prime/credit thing is being blown way out of proportion.

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Well even with fed intervention the cost of credit/money has increased and this must have knock on effects for consumption. Add to this that lending criteria has just got a lot tougher and finance companies wont be handing out money like confetti anymore. As a consequence consumer spending will drop off significantly I am fairly certain.

Also sub prime may only be the tip of the iceberg as far as consumer defaults are concerned ARM resets will be revealing + no one knows who owes what to who in the Banking system.

For all of the above reasons I cant share your confidence.