Service suspended
OUR OWN market has done no worse than to fall back to where it was a year ago. Com- pared to where it was two years ago, it has risen by 20 per cent. After two months of violent shocks and commotions, it may now be due for a pause for regrouping. I do not believe, though, that normal service (or what the markets had come to think nor- mal) can be resumed as if nothing had hap- pened. I suspect that there are more bad debts and losses lurking in the bushes, wait- ing for their owners to recognise them. I hope, but would not bet, that we shall get through this without a serious financial acci- dent. It will be a long time before we see London and Wall Street back to the heady levels of this summer. Greed was priced into them then. Now the hinge has turned.
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