As I looked at my screens during Wednesday’s rout in stocks, it occurred to me that our financial system was in the process of imploding. With credit contracting, many businesses in that arena are in the process of being destroyed – and, without a financial system, there is no capitalism.
Thus I wrote in my daily column on my Web site that day: “It seems to me that there’s almost no chance of escaping a stock crash at this point.” >>>>
Stage is set for a stock crash
By Bill Fleckenstein
articles.moneycentral.msn.com/In … Crash.aspx