I agree fully with your assumptions. Secondly, when the biggest and brightest investors (Buffet, KKR, etc) are taken out to the woodshed every day for a spanking it certainly doesn't give anyone confidence that they can win in this environment.
What are the root causes of this crisis of confidence? We have an economy that has been built on credit collateralized by exponentially rising real estate prices and markets expanded on excessive leverage. The entrepeneurs that conceived of CDO's, the financial leaders of banking and insurance that forgot about prudent business practices and individuals that have enjoyed the benefits of living on debt deserve to be singled out. Until such time that the excesses of our imprudent past are wrung out will the crisis of confidence be resolved.
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