Oo look...someone with a degree...last I looked people with degrees got us into this mess
I'll grant you that FDR's New Deal helped end the Great Depression but so did WW2 (so you should credit Adolf and Hirohito too) for the yanks anyway. They didn't give away all that stuff that flew, rolled, floated and went BANG!!...and eventually everyone else...when we finished paying the yanks off...was it last year or the one before?
What effect did Herbert Hoover's largesse have in 1929/30? Certainly it wasn't a 'soft landing'.
Perhaps you could use your degree to explain to all what the effect is on a currency not backed up by anything, besides good will, when the printing presses get put into turbo boost?
The Icelandic Govt has just guaranteed to rescue its failed banking system..
at a cost of 500k/ Icelandic man, women and child. Could be some VERY good deals there on all manner of stuff...don't expect any capital gains for a few generations though...or 7.
Swiss bank UBS has just been effectively nationalised and Credit Swiss just sold a chunk of itself to...wait for it...Qatar Soveriegn Wealth Fund..for 9.4 billion or thereabouts...but they said they didn't really need any help.
One Australian bank has written off best part of 900 million $ in US exposure and reckons on recovering 55% of defaulting mortgages...in fact 50% is becoming a very common number in relation to real estate values.
The western economies are in completely uncharted waters and you're calling a bottom. Gutsy Move Mav.
Even the Oracle from Omaha isn't game for that...suggesting long and deep but it will recover eventually. Listened to him at length the other night...a REAL unreconstructed glass half full type. "It has never paid to write off the US economy since 1776 and it doesn't pay to do it in 2008" and "I only ever buy companies that are so GREAT that even an idiot could run them...because eventually one will...just like Govts"
Chumbu chuckles. ATPL
(lots), PHD GynA