As much as I hate to break it to Larry Kudlow and his unending "Ted-Spread is Down" monolog, the outlook for 2009 as per some people who actually know the business, although granted are heavily axed on the apocalypse bidside, is so bad, we should all just be buying rahmen noodles, crank radios, and flashlight batteries.
Among the list of doomsayers is Bryan Marsal of Alvarez & Marsal, David Resnick of Rothschild, Barry Ridings of Lazard, Mark Cohen of the 100x leveraged Deutsche Bank, Fred Crawford of Alix Partners, Corinne Ball of Jones Day, Henry Miller of Miller Buckfire, Mark Shapiro of Barclays Capital, Bill Weinsten of Gordon Brothers and James Sprayregen of K&E.
To summarize, we will quote Bryan Marsal, "there's going to be a tsunami of restructurings." But at least the Ted Spread is down.
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