It's great watching all of the stories come in because we get a great sense for what's happening in the market. This week has been especially interesting. Problems in the mortgage market created by the near collapse of Fannie and Freddie, the shutdown of Indymac, a bank we have covered on the site, changes in housing legislation, the continued decline in the dollar, and Chairman Bernanke's testimony that he's pretty much helpless to steer this economy.
It was a week with a lot of problems. And yet, there is a sense that maybe we are approaching bottom. After all, can it get any worse than the near insolvency of Fannie and Freddie? Maybe it can, but let's hope not. The financials were up 20% today and while it's way to much to think that we are coming out of this crisis anytime soon, perhaps we're reaching a point where we can say we've taken our best shots, are still standing, and can look ahead to better days.
I don't blame you for thinking this when you thought it. Unfortunately for the country, we are still not out of the bear yet. Who knows when we hit bottom.
Posted by: Allan | November 06, 2008 at 03:52 PM