Reply To: A messge to Mark Stucklin

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Chris McCarthy

@logan wrote:

Talking up the situation in Spain will not convince anyone but yourself. The worst is yet to come. Spain will likely default on it’s international debt obligations within the next year. Property has at least a 20% drop on the horizon. Unemployment will continue to rise.
This is a decade long depression across the board, Europe, America and Asia.
I am not a doom laden soothsayer, just a realist who studies markets. As George Soros said today ‘the worlds financial system is shot to pieces’.

I was trying to help out and dig a little deeper togive Elizabeth C just a bit of good news, which I think the new airport and higher volume numbers will provide, as they did in the past.

I don’t dispute the fact that unemployment will continue to rise. I don’t know about Spain defaulting on its debt obligations or whether this will be a decade long depression, I think those things have to pan out, but I agree with you and George Soros, that it certainly does look like the financial system is shot to pieces.

Yet I do know the weather was stunning last week when we had left a snow covered airport behind in the UK, I do know that as a family we had a superb week of golf, eating al fresco on the beach, and seeing old friends who seem to feel that at last the market has genuinely hit the bottom. And who are not as desperate or doom laden as you might believe from reading the UK press.

Talking it up doesn’t really help I do agree, but I don’t think everyone is just ready to roll over and die, not there and not here in the UK either.

Things are what they are, and every problem has a solution, and every solution provides an opportunity no?

As there have been so many problems, perhaps underground there is a lot of energy, enthusiasm and activity going into providing lots of solutions.