Last week we highlighted Business Week's cover story on the meltdown in housing. This week's issue follows up with the credit markets. While the efficacy of the magazine cover indicator as a contrarian signal is up for debate, covers like these (as well as this morning's Wall Street Journal headline) show that no one can accuse the press of being overly bullish on the prospects for the economy. If things do become as bad as most of the media is predicting, it will be the most widely predicted crash in history. And remember, these headlines are coming out after many financials and housing stocks have already corrected 50% or more.
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