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Commentary: 'Flat beats panic' in 2009

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With markets going quiet, it is time to look back on 2009.

One year ago, the terrible market panic post-Lehman had begun to abate, and all mice in the mortgage house eagerly awaited the Fed’s purchases of mortgages. The economy itself was still in a freefall that was not to slow until spring, and tentative recovery in early summer flattened in the fall. However, flat beats panic. By a lot.