As advanced economies struggle to come out of the worst financial crisis since the Great Depression, emerging economies have gained share and importance in global economic affairs.
With rising US inventories, Europe in a deepening depression and the emerging market BRICs in recession, corporate America sales and earnings are not going up anytime soon.
We are still emerging from the worst recession since the Great Depression -- the worst economic condition that I believe anybody in this room has ever experienced.
We are emerging from the worst recession since the Great Depression -- catastrophic contraction of the economy, catastrophic job loss, the likes of which most people alive today have never experienced.