Larry Wachtel People Quotations

The mergers helped, but you also had some asset reallocation, with people taking money out of Treasurys and putting it into equities.

People will move along at an unhurried pace. No one is rushing to get in, and yet there are bargains around, so we're in this range-bound atmosphere.

The differentiation is where the recession is coming from. When you're in a consumer-housing situation, the rate cuts have a very dramatic effect and hit much sooner. But when you're in a manufacturing recession involving overcapacity and inventory overhang, it's not going to make people borrow.