<<<Exactly. The entire concept of "root causes" seems to be conveniently escaping many people, as if this was a totally unpredictable astronomical phenomenon akin to a giant asteroid hitting Earth!
Or better yet: one evil, all-controlling "Other" has suddenly seized control of the universe and he's the one who sent this asteroid crashing down on our poor, fiscally responsible, undeserving heads.>>>
The financial crisis will in the end take care of itself one way or another. It will crash down, reach bottom, etc., and is in the process of doing that.
The real issue regarding this crisis of confidence is what happens thereafter? As an investor I am investing in the future. What exactly from a forward looking basis is happening to give on confidence in the future?
As an example, today, with the market crashing, Obama's answer was "we must reform healthcare" to help fix the economy. Admittedly healthcare needs some fixing and I don't wish to debate the merits of it. But this is clearly not a solution to provide confidence in the future. Neither are higher taxes, neither is the carbon tax, neither are annual deficits approach $2 billion per year (when one looks at the assumptions one understands that the projected deficits in the budget are understated).
Bush suck! I agree. So what. Bush is out of office.
What is being done to reinstate confidence in the markets, and what should we be looking for to ascertain that this crisis of confidence is coming to some sort of crescendo? Is there something I'm missing in the Obama proposals that should make me more confident?
That is the issue that I see, and it is even now tearing down the once recession resistant biotech and pharmaceutical sector as well.
Tinker
