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>   (email exchange)
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>   Warren, what do u think stocks do here?
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Been bearish all along from mid March and still thinking same.

Euro zone still melting down.

US coming off Q4 rebuild of Japan’s pipeline.

And now unemployment benefits expiring in 9 states with more to come?

State and local cutbacks are ‘high multiple’ and actual state and local deficit spending coming down as well?

Housing not picking up enough to add meaningfully to aggregate demand/GDP.

With ‘real productivity’/technology and management advances’ continually reducing labor needed per unit of output, recent declines in productivity in line with softer employment?

Global austerity = global slow motion train wreck?