Believe me, I am an optimist at heart. But consider these developments:
The credit market is fucked. No one is lending to anybody. Money market funds are no longer cash equivalents. People are hoarding gold, and possibly shotguns and bear traps.
The tide's going out on the remaining investment banks, who have apparently been swimming naked all along. We now have the absurd spectacle of financial institutions begging for more regulation. And the regulators, here and across the pond, are giving it to them.
The Fed is fielding a Premier League squad.
There is some sign of sanity, though. I am not surprised that it should come from this guy.
The sun will rise tomorrow. I think.
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