This blog post originally appeared on RealMoney Silver on Dec. 2 at 7:43 a.m. EST.
The natural rhythm of the markets has been disrupted since, sometime in September 2008, investors came to the realization that the current economic downturn was not going to be of a garden variety.
It was at that point in time that the decline in equities gained speed in the face of the failure of Lehman Brothers, along with growing recognition of an abrupt deterioration in business activity around the world. As a result of Lehman's demise and the accelerating economic downturn, credit eroded, junk bond spreads widened further, and the price of bank loans plummeted.
The magnitude of policy relief that has been heaped on our current condition in order to re-inflate the domestic economy underscores how different it was this time as we attempted to deflate out of the previous credit binge. ...
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