Credit Conditions Have Soured Quickly

This morning Credit Suisse is in trouble. Global credit markets will tighten.

PRE-OPEN MARKET COMMENTS WEDNESDAY – Credit concerns are spreading and Europe is particularly vulnerable. Credit Suisse has been a “bad actor” for years and the exposure is about $600B. The bigger issue is the loose monetary policies by the ECB for well over a decade. They have allowed banks to pledge junk to secure loans and that practice still continues. I don’t want to get too far into fundamental analysis. The market technicals are week.

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