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I'm not sure how you could possibly think this is a good thing? EM will end up like pathology and rad/onc. Too much supply without any demand plus the dangers of continued CMG proliferation, you'll be barely making enough to pay your loans and living in an apartment.
There is more supply, yes, but I would challenge you on the demand. Population is getting older, hospital visits are increasing, more physicians are choosing to work less. If we are just throwing our impressions around, I don't think we are oversaturated. Some specific markets, maybe.