The Double Dip

We have entered a new phase in the world financial markets. The near collapse of the financial markets as seen on Thursday May 6 is the critical moment that shone a bright light on this new downward trend. We could see the warnings brought about by the April 27 downgrades of Greece and Portugal and we thought "here it is, this is it, run for cover." We thought then at that moment that this could be the event we had been anxiously awaiting. We did not want it to come but saw that it was - we saw that the bailouts only served to forestall the inevitable hard crash. The recovery could not truly occur until the system had been cleansed. We were waiting for a catalyst to propel us downward and enter the next phase of the double dip recession and we fear it is finally upon us.