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Highland Capital Management LP, the investment firm founded by James Dondero and Mark Okada, said one of its hedge funds was wiped out by losses on high-risk debt securities, at least its third fund since October to close.
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Bloomberg.com: Worldwide
After the economy bottoms and begins growing again, I suspect the average income in the US will have declined a lot, but the median income will decline much less (or not at all). This will be a recession for the economic middle and lower income families but a depression for the high income and high wealth population. Loss of wealth now and higher taxes later – not a pretty picture.
The light at the end of the tunnel – it’s not a ray of sunlight. Folks are mostly focused on how low the markets will go. Even if they level off and just hang, if the economy recovers slowly and weakly, there's still lots of pain ahead.
I do want to end on a cheerful note, so have a nice weekend 
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Advice from a stranger using a pseudonym with an avatar.
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