Annabel Crabb sums up my feelings about the current economic circumstances pretty well:
COULD this crisis get any stranger? We're now in a state of confirmed international fiscal panic, but there's money everywhere.And so much for my suggestion that every government guaranteeing their banks is not really a guarantee at all. Couldn't they have held off the rally for just one more day of losses so that I could feel clever?
UPDATE: a Salon writer suggests caution on yesterday's surge:
Monday’s irrational exuberance does not mean that the underlying problems are anywhere near fixed, however. Far from it — all that can be said for sure is that for a few hours today market participants believed that a truly serious effort to grapple with the financial crisis was underway — a promise by world leaders to engage in the largest globally coordinated government intervention in the economy in human history....
It’s quite possible that a worldwide bank rescue could succeed, and we’d still be facing a serious recession.
No comments:
Post a Comment