NO MATTER what happens in 2009, financial markets can surely not be as turbulent as they have been in 2008. The virtual demise of the independent investment bank, the rescue of Fannie Mae and Freddie Mac, the halving of global share prices—these were sufficient shocks to last investors for a decade.
If 2008 was dominated by a financial crisis, 2009 seems likely to be the year when the bad news comes from the economy and from the non-financial corporate sector.
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