On December 22, 2009, Mark Perryobserved at his blog ( http://mjperry.blogspot.com) that the Bloomberg Financial Conditions Index had turned positive for the first time since August 2007. The index combines yield spreads and indices from the Money Markets, Equity Markets, and Bond Markets into a normalized index. The values of this index are z-scores, which represent the number of standard deviations that current financial conditions lie above or below the average of the 1992-June 2008 period. You may view the Bloomberg Financial Conditions Index at http://www.bloomberg.com/apps/quote?ticker=BFCIUS%3AIND .
 Professor of Economics and Finance at the Flint campus of the University of Michigan