The Dow fell 231 points yesterday because of concerns about the global recession and disappointing earnings announcements — but that is great news! Like the dog Sherlock Holmes noticed that didn’t bark, there is no mention of the credit crisis, which has totally dominated the news for the last two months. While it is certainly not over, it is clearly receding, as demonstrated by the continued decline in three-month LIBOR rates. This takes depression off the table. We’ve had nine recessions since World War II. It won’t be fun, but we’ll survive this one as well.
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