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Plus the big signs of recovery in financial markets (stock prices up, interest rate spreads narrowed). The level of fear seems so much less than in the Fall.

I'm tempted too to say it's the beginning of recovery. But scared of jinxing it. If it does turn out to be the beginnings of a recovery, I would say we are either very lucky, or policy was very successful. It could have turned out a lot worse.

The funny thing is, if it is a matter of successful policy, many will ask whether the policy was necessary.

Uh oh, I've seen this type of behaviour before. It was halfway through the Nasdaq crash of 00/01. People began calling bottom every time the Naz had an up day. Eventually they were right; broke, but right.

Similar post, but for the US (nowhere near as optimistic):

http://www.econbrowser.com/archives/2009/06/do_you_see_what.html

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