Trying to figure things out
As I came home today, I was reminded of my finance degree. I look back at things and realize that we do not really understand how complicated our world has become. There are derivatives of derivatives. We find out that credit default swaps are at the bottom of AIG's collapse. I sometimes think what it would be like going back to the old gold standard days. There is a reason why we business majors are required to take psychology. The financial markets are based on the idea we are good for it. The same thing with the dollar. If one day the market goes truly south, It's A Wonderful Life will be remembered as the good times.
I am glad to hear on the news today that the G7 is getting together for a summit this weekend as to come out with a unified plan. I heard today that the average bear market drops about 30 or so percent and we are at almost 40 as of today.
It is left to fate and time to see what ends up happening. I know for a fact that neither candidate is smart enough or has the forsight to tell us what it will be like tomorrow. The ban on short selling was lifted today and that is what appeared to drive the price down today.
I send my prayers out to the people who had their retirement bet on this market. I know that there is no person in washington that has their hands totally clean. I just pray we hit bedrock soon. This is definately time not to argue but come together in humility and solve a financial market that needs some perverbial electric paddles. As Sting says, I am sending out an S.O.S.....
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