February 20, 2009
-- by Dave Johnson
Some analysts say over-capacity is so rampant that it will stymie government efforts to unfreeze credit markets. Banks have little reason to lend not only because they still have bad debt on their books but also because businesses don't have a pressing need to expand, said Mike Shedlock, an investment analyst with Seattle-based Sitka Pacific who writes the popular blog Mish's Global Economic Trend Analysis.
"What is it that we need more of?" Shedlock said. "Do we need more Wal-Marts, more Pizza Huts, more nail salons?" [emphasis added]
Posted by Dave Johnson at February 20, 2009 7:19 PM
Wow was Peter Schiff ever right. He predicted over and over again the stock, housing demise....
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