Good post. Prices are set by the few sellers, demand weakened at the low end due to exhaustion and the ripple effect is working up the chain, and buyers get more fearful as prices drop because the prices could drop even further. Add to this the theme of inventory glut. Inventory must be worked through, and all the construction in the pipeline is making it worse. (Roubini talked about inventory glut in capital goods as a reason that the Fed cannot save us from the recession.)
