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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (71210)	3/21/2009 10:05:35 AM
From: carranza2	1 Recommendation Read Replies (1) \| Respond to of 74559

My preference is for market clearing of years, as has happened so far, because cascading collapses are ugly. I disagree. If one of your limbs becomes gangrenous, would you prefer a quick amputation or a slow one, one that takes place over a few weeks? After observing this fiasco for a few months, it is obvious to me that the policy response has been atrocious, costly and inefficient, the equivalent of the slow and stupid amputation. The inept handling of the crisis is the result of three distinct factors. First, there is no template for a response. Second, corrupt private interests have shaped it for private gain. Third, politicians are applying political solutions to economic problems. The results of this inept/corrupt handling will be worse than the problem itself. Our country will be indebted beyond measure for the rest of my life and my child's life. There will be enormous expenditure of future resources to pay for today's incompetence. These resources could have been used profitably to build a better world, now they will be serial payments on the unnecessary debt which has been incurred. The US is headed towards banana republic status as the dollar plummets and is threatened with loss of reserve currency status. Europe is in a similar position. We had a perfect storm in which Wall St. greed and regulatory incompetence coupled with inept central banking created an enormous bubble whose burst was greeted with a similar perfect storm of greed and incompetence. We The People are doomed. Me, the individual, am not. Perhaps the worst aspect of this crisis is that we do not longer have in the US a sense of national community to help us through this crisis nor do we have an educated competent elite who have the national interest in mind. There are no FDRs, JFKs, George Marshalls, Alexander Hamiltons, Geo. Washingtons, Lincolns, etc., on the horizon. Self-interested mediocrities are the norm.