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The Stock Market Has Not Had a Worst Quarter Since 1962
We think used car prices going to plum it now that mass transit is getting back on track. Households with an auto that they really don't need as much any more, can sell into what has been a very strong market. And we'll see what happens with housing. I think the reach for yield reached into housing, especially the rental sector. A lot of people bought houses basically to earn a yield and my goodness, the rental yields were very high. Those are probably going to come down. We think there is light at the end of the tunnel. The fed is getting a lot of signals that will ultimately end up in the lagging indicators called the p p i and the c p