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A slow moving virus in the system
Observation, drafted Aug. 23, 2007

After having witnessed the recent 300-point turn around in the Dow Jones Index, and after having lived through
the albeit modest recovery of the stock market in the last couple of days, one could be tempted to believe that
the worst of the credit crunch is over.

To those however, who accept that a recession has been avoided now, we would like to say, that they should not
be too keen on storing the alarm bells away. After all, it does seem as if the economic unwinding this time is a
protracted on and off decline.
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