Calculated Risk: Overcapacity Everywhere quotes Mish Shedlock of MISH’S Global Economic Trend Analysis,

Some analysts say over-capacity is so rampant that it will stymie government efforts to unfreeze credit markets. Banks have little reason to lend not only because they still have bad debt on their books but also because businesses don’t have a pressing need to expand, said Mike Shedlock, an investment analyst with Seattle-based Sitka Pacific who writes the popular blog Mish’s Global Economic Trend Analysis.
“What is it that we need more of?” Shedlock said. “Do we need more Wal-Marts, more Pizza Huts, more nail salons?” [emphasis added]