It's almost October and the pundits are at again, predicting that the market should sell off again. Let's look at their reasoning.
- We have an ongoing deterioration in consumer debt.
- Joseph Stiglitz, Nobel Laureate, says that "the U.S. banking sector is now in worse shape than before the collapse of Lehman Brothers.
- Bank profitability is expected to come under pressure.
- The U.S. housing outlook is grim.
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