OT: NBO - What is your take on the credit issue currently poisoning wall street?
It seems like the value of the banks that got caught lending to irresponsible lendees are being hammered relentlessly. Some say Big Ben will save the day on Tuesday, but I am very doubtful, considering Bill Poole (St. Louis Fed Head), stated that they would not be bailing out the equities market this time (like Greenspan did numerous times during his tenure).
I have moved a good amount of money into stable value funds in my 401k's and out of bonds and equities. I started doing this a week ago, and have obviously been pretty happy with that move.
Anyway, what's your take? Are we headed to recession, or is this a downturn that will soon be corrected by our underlying growth economy? TIA.
m