Taking In The Big PictureThe economy - down, up, down, down, down. You know. To make sense of these things, I turn to my college buddy Barry Ritholtz, whose The Big Picture blog was anticipating trouble in the financial markets more than an year ago. This morning, he posts a lengthy entry spelling out where we are: "In recent years, banks ran into three kinds of trouble: They made loans to people who failed to repay them; they did not keep adequate capital on reserve; they compounded their problems by borrowing money from each other to buy back all of those loans after they had been repackaged as fancy securities... On the plus side, oil's way down, and Ritholtz assures, "I would imagine we are closer to the bottom than to the top."
Two more interesting comparison charts: This bear market vs. the dot-com bust; and John McCain's daily Gallup tracking polls vs. the S&P 500.
Posted by Joe Caponi at 11:13 AM, October 10, 2008 This is a public forum. United Business Media and its affiliates are not responsible for and do not control what is posted herein. United Business Media makes no warranties or guarantees concerning any advice dispensed by its staff members or readers. Community standards in this comment area do not permit hate language, excessive profanity, or other patently offensive language. Please be aware that all information posted to this comment area becomes the property of United Business Media LLC and may be edited and republished in print or electronic format as outlined in United Business Media's Terms of Service. Important Note: This comment area is NOT intended for commercial messages or solicitations of business. |
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