Maybe it's the effect of spending two weeks in Spain, but I do now have a smidgen more sympathy for the bears. Or at least, I can see where they're coming from. This place is screwed. Shops and restaurants are empty. One quarter of Spaniards are unemployed, and one-half of young folk. You can pick up gorgeous villas for prices that wouldn't buy you an ex-council flat in many parts of London. And Madrid's IBEX 35 index is seemingly heading for its 2009 lows.