Max Bublitz: The great race ... to the bottom

One of the defining characteristics of the recent financial and economic upheaval has been the way that expectations about how things might unravel have continually fallen short of the way things actually did. Whether referring to the economy, jobs, writedowns, bailouts, defaults, earnings, or even the proper multiple to place on those earnings, one significant constant during this period has been that the breathtaking deterioration has continued to catch many by surprise. This tells us some

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