David Rosenberg: "It Was Black Friday Before Black Monday"
"It could never happen again..." is the constant refrain of the asset-gatherers and commission-takers around the world as they prepare to defend their livelihoods from yet another delusion-clarifying plunge back to reality for stock prices.
Well, after this week's bloodbathery - and tearing down of the social-media-will-remake-the-global-economy narrative - many are starting to recognize that all is not well... and perhaps, just perhaps, the support pillars of this flimsy potemkin village we call 'the stock market' have already crumbled...
Dollar funding markets are extremely stressed and The Fed's balance sheet contraction (and its implicit tightening of liquidity) is not helping...
