Stokes rightly sees WA headed for 1991 recession

From the SMH comes a blunt assessment from Kerry Stokes that Western Australia is headed for a recession:

“They [BHP and Rio] are pretty big smart cats,” Mr Stokes said.

“Frankly if you can sell something at $80 a tonne that cost you $20 a tonne you might want to sell as much as you can. I understand that. That means everybody else who competes has got to get a whole lot more efficient.”