Impressive. How many times over the course of the last two bubbles have we heard this talk? Royal Bank of Scotland (RBS) has had their own multi-billion dollar run-in with subprime write downs so now, surprisingly like Lehman Brothers who also have been in trouble, they are forecasting a soft landing. What are the odds of such a statement coming from a troubled institution who desperately needs positive spin? No conflict of interest there.
Forget about the billions that have been wiped away from the books. Ignore the retirement plans that have gone up in smoke. Don't even think about the bank lending that has pushed away possible clients. Pretend that people and businesses are not over-extended with credit and that the US economy - the traditional global economic engine - is not imploding. Got that? Forget about every reality that you see around you and then yes, it's easy to see that a soft landing is ahead. No one else sees the soft landing, but they're all just being negative. I hear prosperity is just around the corner too.
