I like the term organically as it means true, internally nurtured and sustainable recovery in the market. Do we have that? Do banks play the risk-free spread or loan to the public? There is part of the answer.
The recovery seems real enough but it is not organic. Nothing seems to have changed since the financial crisis and the next bubble is blowing somewhere.
I am still on the road so posts here are short and infrequent. I’ll try to comment on my column after it is written later today.
