Back to basics

The credit crisis has now been with us for a full year, yet there are few signs that economic stimulus measures in place will enable the US economy to avoid a recession that would only further complicate the dynamics of the credit crisis and contagion. To help gauge whether US policymakers are winning the war against the credit crisis, here is a short checklist of economic and market variables to keep track of.

1. First and foremost, real estate values must stabilise and preferably need to edge h