Stating the obvious

I received a newsletter from Fidelity Investments this week that made a telling point. Many of the companies and institutions in trouble have been basket cases for years, so their demise should come as no surprise. It cited the examples of Woolworths in the UK and the car industry in the US; it highlighted the fact that many of us chose to live in a state of suspended reality for years.

I haven’t read too much foreign press, but it is clear that here in the UK the media is really struggling to understand what is going on.