In his morning note, David Rosenberg warns of more economic bloodletting ahead.
The article in yesterday’s WSJ titled Specter of Layoffs Stalks Wall Street really resonated with us. As we said in yesterday’s note, the size of the securitized loan market has shrunk 60% in the past two years. Balance sheets, production, order books and staffing requirements are all rightsizing to this new semi- permanent landscape of reduced credit availability.
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