Uncertainty underscores understanding of market conditions globally. "Uncertainty is the last refuge of economists who can't explain what is going on"...says one of them. What appears to be stunting global economies is the lack of credit offered by banks as a result of too-loose credit in 2008-2009. This holding back of credit by financial institutions was true in the Great Depression and is existent during the Great Recession. We don't believe uncertainty is holding back companies from borrowing nor are onerous taxes, record budget deficits and lack of demand. Conversations with all sectors of our industry indicate demand is strong, profits healthy and optimism into 2012 continues. What is suffering is the investment in new products, applications and markets, which will affect long term industry health. This despite the fact that manylarge corporations are sitting on much cash, as in-house insurance as well as availability for opportunistic acquisitions, which could affect our industry next year.
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