Subscribe to this blog's feedThere was once a financial magazine (which shall remain nameless) which published a cover story on the dangers involved in the highly-leveraged balance sheets of various Asian companies. "Tidal wave of debt hits Asia", read the cover, underneath the famous Great Wave off Kanagawa print by Hokusai. The issue reached subscribers shortly after Christmas 2004.
Similarly, I would have thought that, right now, any economist looking for a way to describe the lull in the credit crisis would steer well clear of "eye of the storm" metaphors. Apparently not. On the same day this week -
In the Eye of the Economic Hurricane
Blackstone Chief Calls Credit Recovery "Eye of the Hurricane"
Foot-in-mouth disease aside, both are making good points - there are still knock-on effects to come in the US credit market, in HELOCs, credit card debt and other consumer debt.
